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GBP/USD is not ready for 1.6100 yet; back to mid-1.60

FXStreet (Moscow) - GBP/USD  retraced from the resistance area of 1.6090/00 and settled at 1.6067 with about 15 pips loss on the day.

GBP/USD moved within 75-pip range on Monday. The pair finished the day with marginal gains on the back of USD weakening across the board. Today market focus shifts onto UK inflation data. Analysts expect a decrease of both core and general CPI (to 1.4 y/y and 1/8% y/y respectively) on the back of GBP appreciation. The news might increase the selling pressure on the British currency, though, only if they deviate substantially from the forecasted numbers that are already priced in. F this is the case, GBP/USD might move towards initial support at 1.6040 and then to 1.6000. The resistance is seen at 1.6096 (Asian high)

What are today’s key GBP/USD levels? 

Today's central pivot point can be found at 1.6088, with support below at 1.6048, followed by 1.6011 and 1.5971 with resistance above at 1.6197, followed by 1.6275 and 1.6321. Hourly Moving Averages are mixed, with the 200SMA bearish at 1.6096, and the daily 20EMA bearish at 1.6196. Hourly RSI is bearish at 45.

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