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GBP/USD didn’t notice good Trade data

FXStreet (Moscow) - GBP/USD kept moving lower before the release of the UK data sliding to 1.6050, and moved just five pips higher post the report.

Trade data is out

The pair came under pressure before the UK Trade data, as there were rumors in the market, the country had stronger import and weaker export numbers leading to widening trade balance gap in August. However, the Total Trade Balance came a little bit better than previously at -stg1.917 vs £-stg3.079B in July. It only confirmed that weakening demand of the EMU has not put additional pressure on the country’s export. And the depreciating national currency is still creating favorable environment for rising foreign demand. The pair moved to 1.6050 before the release, and hardly reacted to the data release, rebounding to current 1.6055.

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 bearish, with the 200SMA at 1.6125, and the daily 20EMA bearish at 1.6222. Hourly RSI is bearish at 28.

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