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GBP/USD contained by 1.6110

FXStreet (Córdoba) - GBP/USD trades little changed on the day, as most pairs in the FX market, as investors refrain from taking big positions ahead of the Federal Reserve verdict later today.

GBP/USD failed to break above 1.6150 and came under mild pressure following the release of below expectations UK data. However, with the 1.6110 area containing the downside, the pair was confined to a lower range over the last hours. At time of writing, GBP/USD is trading at 1.6123, virtually unchanged on the day.

GBP/USD short-term technical outlook

“Seems unlikely the pair will do much ahead of Fed meeting later today, yet acceleration through 1.6100 should lead to a downward continuation towards the 1.6050/60 price zone”, said Valeria Bednarik, chief analyst at FXStreet. “To the upside, the pair needs to recover above 1.6145 now to shrug off the negative view, and attempt a run towards the 1.6200 price zone”.

Gold trades marginally weak

Gold prices have weakened marginally ahead of the US opening, although not much activity is seen since the investors prefer to stay on the sidelines ahead of the Federal Reserve meet.
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