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GBP/USD gains on FOMC minutes - FXStreet

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik observes that GBP/USD was boosted by the FOMC minutes released on Wednesday and is flirting with the 1.6200 level ahead of the BoE interest rate announcement.

Key quotes

"The UK Central Bank is largely expected to remain on hold, and therefore there will be no statement following, neither a market reaction. Any surprise coming from them will indeed rock Pound crosses, but chances are practically null."

"Technically the pair has established itself above the 38.2% retracement of the latest bearish move from 1.6523 to 1.6051 at 1.6170 now immediate support."

"The 4 hours chart shows 20 SMA gaining bullish slope well below current price, while indicators head north above their midlines, after a limited downward correction, suggesting further gains ahead."

"The daily high so far stands at 1.6216, with the 50% retracement of the same rally at 1.6235 acting as immediate resistance: a price acceleration through it should lead to a continued advance up to 1.6290 price zone."

"To the downside, 1.6150 comes as immediate support as per recent intraday lows around the level, and only a clear break below it will deny further advances and pressure the pair back south, eyeing an approach to the 1.6100 figure."

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