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GBP/USD slipped to 1.6020 following euro

FXStreet (Moscow) - GBP/USD posted 1.6035 low in early Asian trades, and since that time kept moving higher reaching 1.6058 European high, before rebounding back to current 1.6025.

The pair reversed the move following the euro weakness triggered by disappointing French PMI data. However, the market may try to find new arguments in favor of further move higher. Scheduled for release today Retail Sales data out of the UK may help the investors to choose the direction. The report is scheduled to show slower consumption in September. However, as we remember, the labor market kept showing positive results recently, and it may have become a catalyst for rising retail demand. If so, the pair may go up with initial target at 1.6119 resistance.

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 34.

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