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GBP/USD - as if there was no rally

FXStreet (Moscow) - GBP/USD spent Asian trades within 20-pip range, showing shy attempts to go higher, before retreating below 1.61; it’s currently trading at 1.6090.

The peak of Britain

The pair retreated from yesterday highs, as the UK Chancellor of Exchequer confirmed the British economy may suffer from global growth slowing. Besides, recent British reports only support the market fears, the economy has peaked back in the second quarter, and may need more stimulus ahead, or at least a period of ultra-easy monetary policy. Still the economic data out of the UK is of interest, and today the market may focus on the Trade Balance. Weakening national currency could have had a positive effect on the country’s export. If so, the pair may get a mild boost with initial target at 1.6151 resistance.

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 flat at 1.6126, and the daily 20EMA bearish at 1.6222. Hourly RSI is bearish at 49.

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