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GBP/USD dipped to 1.60 on UK data

FXStreet (Moscow) - GBP/USD followed the euro moves during the early European trades in expectations of its own catalysts. UK Retail Sales data pushed the pair to 1.60 support.

The pound tried to follow the positive European sentiment, as euro got helped by PMI data. GBP/USD managed to recover to 1.6035 from European low at 1.6022 just before the UK data release. However, the Retail Sales came out -0.3% m/m and +2.7% y/y vs -0.1% m/m and +2.8% y/y. The data confirmed the evolving weakness in consumption trend, even despite the stronger Labor market conditions. The news sent the pair to initial support at 1.6000. If broken, it may pave the way to 1.5943.

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 47.

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