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GBP/USD creeping higher; 1.6200 pivot within reach

FXStreet (Moscow) - GBP/USD has gained 20 pips so far. The pair has climbed towards 1.6187 after having opened at 1.6167 as investors are trying to make head or tail out of unexpectedly dovish FOMC minutes.

Getting stronger ahead of BOE

GBP/USD finished Wednesday well above 1.6100 resistance. The pair reached the intraday high 1.6180 and closed at 1.6164 as investors took dovish FOMC minutes as a signal to dump USD across the board. GBP/USD is moving steadily towards 1/6200 pivot, though further upside may be limited at least until BOE monetary policy decision. Most likely, MPC members will be satisfied with current monetary policy stance, but any shift in sentiments would lead to another period of high volatility. From the technical point of view, a sustained break above 1.6200 would allow for a move higher towards 1.6287 (previous week’s high). Strong support is seen at 1.6100

What are today’s key GBP/USD levels?

Today's central pivot point can be found at 1.6128, with support below at 1.6072, followed by 1.5977 and 1.5921 with resistance above at 1.6223, followed by 1.6279 and 1.6374. Hourly Moving Averages are mixed, with the 200SMA bullish at 1.6138, and the daily 20EMA bearish at 1.6232. Hourly RSI is bullish at 71.

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