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GBP/USD supported at key 1.6120

FXStreet (Barcelona) - GBP/USD is trading at 1.6129, down -0.24% on the day, having posted a daily high at 1.6228 and low at 1.6108.

GBP/USD has been on the offer as a strong greenback has been the theme of the day on the back of a dovish ECB and the fact that they are "ready to alter size and/or composition of unconventional interventions as required." Meanwhile, the Bank of England left its own official rate at 0.5% and the size of its Asset Purchase Programme is GBP 375 billion still. There was no statement. We continue to expect a rate rise in the first half of 2015, and some analysts even expect my March 2015, underpinning the pound to some extent.

GBP/USD noteworthy levels

Spot is presently trading at 1.6129, and next resistance can be seen at 1.6134 (Hourly 200 SMA), 1.6161 (Hourly 20 EMA), 1.6168, and 1.6183. Support below can be found at 1.6128 (Daily Classic PP), 1.6108, 1.6073 (Hourly 100 SMA), 1.6072 (Daily Classic S1) and 1.6071 (Weekly Classic PP).

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