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GBP/USD trapped in a range marginally above 1.6110/00 support

FXStreet (Moscow) - GBP/USD  is sitting in a tight 25-pip range limited by 1.6135 on the upside and 1.6110 on the downside early on Friday, consolidating Thursday losses.

In hopes for positive weekly close

GBP/USD climbed to a fresh weekly high at 1.6226 on anticipation of Bank of England monetary policy decision and on the back of USD downside correction following dovish FOMC minutes. Though BOE’s meeting turn out to be a complete non-event (no changes) and the British currency is vulnerable to new losses into the end of the week. From the fundamental point of view, UK trade balance report is of interest. It is expected to show a slight improvement of UK trade position, partially, due to weaker GBP. Better than expected numbers might support the currency, though the upside is likely to be capped by 1.6200 (if only the pair manages to get above 1.6167 resistance (Thursday open).

What are today’s key GBP/USD levels? 

Today's central pivot point can be found at 1.6151, with support below at 1.6073, followed by 1.6027 and 1.5949 with resistance above at 1.6197, followed by 1.6275 and 1.6321. Hourly Moving Averages are mixed, with the 200SMA bullish at 1.6128, and the daily 20EMA bearish at 1.6222. Hourly RSI is bearish at 40.

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