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GBP/USD struggles around 1.6100

FXStreet (Córdoba) - GBP/USD opened the day around 1.6100, virtually unchanged from Friday’s close, after failing to consolidate above the psychological level despite several attempts last week.

Cable recovery lacked follow-through and remained capped by the 1.6125/35 zone over the last sessions, as investors push back expectations of an early rate hike by the BoE as recent UK data signaled economic growth is losing momentum.

“BoE Minutes to be release next Wednesday may be the make it or break on the matter, as if votes shift back to 9-0-0, Pound may suffer big”, said Valeria Bednarik, chief analyst at FXStreet.

GBP/USD technical outlook

At time of writing, GBP/USD is trading at the 1.6090 zone. Short-term indicators are from neutral to slightly positive, according to Bednarik. “Some recent highs in the 1.6125 price zone offer immediate short term resistance, and some steady advances above the level should anticipate a firmer bullish intraday pace for this Monday”.

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