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GBP/USD back below 1.61 post failed brekout

FXStreet (Moscow) - GBP/USD was trying to break above 1.6125 area, showing two failed attempts during the last hours; it retreated below 1.61 after the second failure.

The pound is having hard time recovering from October lows, as lack of positive news out of the UK doesn’t give the currency enough fuel to move. This week promises to be quite interesting for the pair, as the two key British reports are released – CPI and Labor data. Both indicators are closely watched by the BOE upon decision-making, and any new signs of weaker price pressure, or lower average earnings may resume the pound sell-off again.

What are today’s key GBP/USD levels?

Today's central pivot point can be found at 1.6074, with support below at 1.6012, followed by 1.5946 and 1.5884 with resistance above at 1.6140, followed by 1.6202 and 1.6268. Hourly Moving Averages are bullish, with the 200SMA at 1.6110, and the daily 20EMA bearish at 1.6208. Hourly RSI is bullish at 58.

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