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GBP/USD hovers below 1.6000

FXStreet (Córdoba) - GBP/USD failed to consolidate above 1.6000 and turned south during the European session as the greenback benefited from the risk-off mood, although lower US yields kept gains constrained.

GBP/USD dropped more than 80 pips from highs and hit a low of 1.5940, where the 50-hour SMA helped to contain the downside in recent dealings. There was no major data release in the European morning session, while US will release initial jobless claims and industrial production data today.

GBP/USD technical perspective

At time of writing, Cable is trading at 1.5975, 0.26% below its opening price. Technically, short-term chart show a mild bearish tone, according to Valeria Bednarik, chief analyst at FXStreet. “The 1.6020 level has offered intraday resistance since late Wednesday, which means price needs to establish above it to gain some upward momentum, yet some follow through below 1.5950, will likely keep risk to the downside, eyeing 1.5900 price zone”.

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