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GBP/USD crawling closer to 1.62 resistance

FXStreet (Moscow) - GBP/USD opened the day at 1.6163, and drifted lower touching 1.6151 in Asia. However, by the European open it returned to 1.6170 area, where it is currently trading.

It’s another day of radio silence from economic calendar, however, as Monday trades showed, the pair still has all the chances to rally. The pound hit the bottom on October, 15, and since that time it has been showing some attempts of recovery. The pair is so oversold, that even worse than expected MPC minutes and GDP report may trigger muted reaction. The worst has already been priced-in by the market, as traders started to increase bets on the Fed’s rate hike. The downside for the pair may be defended by 1.6102 support, while the immediate resistance is located at 1.6202.

What are today’s key GBP/USD levels?

Today's central pivot point can be found at 1.6141, with support below at 1.6102, followed by 1.6041 and 1.6002 with resistance above at 1.6202, followed by 1.6241 and 1.6302. Hourly Moving Averages are bullish, with the 200SMA at 1.6065, and the daily 20EMA flat at 1.6145. Hourly RSI is bullish at 70.

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