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GBP/USD failed to break below 1.5970 support, and rebounded

FXStreet (Moscow) - GBP/USD opened at 1.5999, and kept drifting lower throughout the whole Asian session; European morning triggered a rebound, and brought the pair to current 1.5989.

The pair is busy testing 1.5970 support, and may find an interim bottom around that level. Although the pair came under pressure from the resumed USD strength, it shows the attempts of recovery even on practically empty British calendar. And this is a good sign for the pound. The Fed rate expectations shifted to the second quarter of 2015, and now it coincides with the BOE first rate hike forecasts. It means the pound has every reason at least not to fall against the USD any more, and weaker-than expected reports from the USA may even help the pair to recover above 1.60 area.

What are today’s key GBP/USD levels?

Today's central pivot point can be found at 1.5957, with support below at 1.5955, followed by 1.5908 and 1.5866 with resistance above at 1.6044, followed by 1.6086 and 1.6133. Hourly Moving Averages are bearish, with the 200SMA at 1.6080, and the daily 20EMA bearish at 1.6100. Hourly RSI is bearish at 33.

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