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GBP/USD grounded in tight range

FXStreet (Barcelona) - GBP/USD is trading at 1.6066, down -0.07% on the day, having posted a daily high at 1.6129 and low at 1.6051.

GBP/USD remains sideways within a phase of consolidation ahead of key data in the form of UK CPI tomorrow and labour market numbers the following day. Emmanuel Ng, FX Strategist at OCBC Bank suggested that the pair may continue to remain adrift in the near term as outright dollar strength takes a breather although investor jitters remain near the surface. “On the CFTC front, net leveraged GBP longs were pared in the latest week and the pair may continue to bounce within a 1.6000-1.6200 range pending further cues”

GBP/USD noteworthy levels

Current price is 1.6068, with resistance ahead at 1.6074 (Daily Classic PP), 1.6077 (Weekly Low) and 1.6086 (Hourly 20 EMA). Next support to the downside can be found at 1.6052, 1.6012 (Daily Classic S1), 1.6009 and 1.5974.

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