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GBP/USD keeps the 1.6200 handle

FXStreet (Edinburgh) - The sterling is trading on a firmer footing on Thursday, pushing GBP/USD back above the 1.6200 key barrier.

GBP/USD focus on the BoE

Spot is navigating weekly tops above 1.6200 the figure, with market participants waiting for the BoE MPC meeting due later. Consensus, however, points to a repetition of the last statement, ending up being a non-event and GBP-neutral. Further data releases in the British economy will show the trade balance figures tomorrow, with the trade deficit expected to shrink to £9.6 billion in August. Camilla Sutton, Chief FX Strategist at Scotiabank, said the technicals remain in the bearish camp, “with studies still warning of downside risk and spot so far failing to close above Friday’s open of 1.6145”.

GBP/USD levels to watch

At the moment the pair is up 0.20% at 1.6201 and a breakout of 1.6234 (50% of 1.6525-1.5943) would target 1.6235 (21-d MA) en route to 1.6252 (high Oct.1). On the down path, the immediate support lines up at 1.6154 (10-d MA) followed by 1.6115 (Tenkan Sen) and then 1.6032 (low Oct.8).

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