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GBP/USD goes nowhere ahead of retail sales report

FXStreet (Moscow) - GBP/USD  is sitting at the opening level of 1.6049 in Asia. The pair is consolidating Wednesday losses ahead of UK retail sales report.

GBP/USD dipped below 1.6100 and settled in mid-1.60 on Wednesday mostly due to USD strength across the board s following news of an uptick in U.S. inflation. The daily charts suggest that the upside correction of GBP/USD might be coming to an end and more weakness is in store. Investors are questioning the perspectives of early BOE rate hike amid growth concerns coupled with negative knock on effects from European slow down. From the fundamental point of view, don’t miss retail sales report. According to the forecast the numbers may show a slow down from 0.4% m/m, 3.9% y/y in August to -0.1%, 2.8% in September. If this is the case, the British currency might head lower towards 1.6011 and 1.6000 support levels.

What are today’s key GBP/USD levels?


Today's central pivot point can be found at 1.6065, with support below at 1.5997, followed by 1.5943 and 1.5875 with resistance above at 1.6119, followed by 1.6187 and 1.6241. Hourly Moving Averages are mixed, with the 200SMA flat at 1.6056, and the daily 20EMA flat at 1.6133. Hourly RSI is bearish at 43.

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