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GBP/USD remains capped below 1.6050

FXStreet (Córdoba) - GBP/USD made another attempt to the upside, but it was capped by the 200-hour SMA and sent back to its consolidative range during the American session.

GBP/USD stretched higher and hit a session high of 1.6050 but it lost momentum and turned lower before retesting intraday highs at 1.6059. Cable is currently trading at the 1.6030 zone, little changed on the day, having recovered from lows sub-1.6000 scored earlier on the back of disappointing UK retail sales figures.

Tomorrow’s UK Q3 GDP release will certainly attract investors' attention, especially after the becoming more vulnerable to shocks if the rates are raised too early.

GBP/USD levels to watch


As for technical levels, GBP/USD could find immediate resistances at 1.6059 (Oct 23 high/10-day SMA), 1.6100/02 (psychological level/20-day SMA) and 1.6130 (Oct 22 high). On the flip side, supports are seen at 1.5993 (Oct 23 low), 1.5940 (Oct 16 low) and 1.5900 (psychological level).

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