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GBP/USD clinching to 1.5900

FXStreet (Moscow) - GBP/USD  dipped to multi-year low at 1.5876 early in asia, but managed to recover; the pair is struggling to settle above 1.5900 pivot ahead of European opening

GBP/USD lost more than 180 pips on Tuesday following a dismal CPI report from UK. Obviously, investors are scaling back their forecasts about the timing of the BOE’s first rate hike. From the technical point of view, both weekly and daily charts look gloomy and now the key question is whether psychologically important 1.5900 give way or limit the downside for the time being. UK labour market statistics published later today might provide some interesting insight. While labour market has been rather stable lately, and most economies wait for another positive report today, the data needs to be much better than expected to trigger meaningful upside for GBP/USD. From the technical point of view, a failure at 1.5900 would extend the sell-off towards the initial aim at 1.5853.

What are today’s key GBP/USD levels? 

Today's central pivot point can be found at 1.5967, with support below at 1.5834, followed by 1.5765 and 1.5632 with resistance above at 1.6036, followed by 1.6169 and 1.6238. Hourly Moving Averages are mixed, with the 200SMA bearish at 1.6096, and the daily 20EMA bearish at 1.6168. Hourly RSI is bearish at 45.

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