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GBP/USD retreated from overnight highs – waiting for fuel

FXStreet (Moscow) - GBP/USD opened the day at 1.6094, and slowly drifted lower printing 1.6051 in the European morning.

What doesn’t kill pound

The recent UK IP data failed to help the pound to break above 1.61 resistance. However, it didn’t kill the hope for further pair recovery within the short-term uptrend seen since October, 3. The lack of economic news out of Britain forces the market to focus on the US data, and today we may get the answer to the key question – who will hike first? The market rate expectations for the BOE, and the Fed may determine the further pound direction, and today’s FOMC minutes may give us additional information on the US Fed stance. Less aggressive tone of the text may fuel the pair rise with next target at 1.6142 resistance.

What are today’s key GBP/USD levels?

Today's central pivot point can be found at 1.6084, with support below at 1.6038, followed by 1.5980 and 1.5834 with resistance above at 1.6142, followed by 1.6188 and 1.6246. Hourly Moving Averages are bearish, with the 200SMA bearish at 1.6160, and the daily 20EMA bearish at 1.6239. Hourly RSI is bearish at 49.

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