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GBP/USD tries to close the opening gap

FXStreet (Moscow) - GBP/USD slid to 2-week low at 1.5925 in Asia, before rebounding to current 1.5972.

The pair got under pressure from the surge of demand on the USD seen in Asia. The move had an exaggerated nature due to thin market conditions on the back of holidays in Japan. This week is going to be much more exciting for the pound when the previous one. Today we are going to see UK Manufacturing PMI survey for October, and it may reinforce the fears of an underlying loss of momentum in the British economy. Index has already shown an impressive decline, so even some mild retracement wouldn’t be perceived as a trend by the market, and may not help the pound to recover the recent losses.

What are today’s key GBP/USD levels?

Today's central pivot point can be found at 1.5983, with support below at 1.5954, followed by 1.5912 and 1.5883 with resistance above at 1.6025, followed by 1.6054 and 1.6096. Hourly Moving Averages are bearish, with the 200SMA at 1.6645, and the daily 20EMA bearish at 1.6090. Hourly RSI is bearish at 49.

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The German equity markets traded in the red as investors await the German PMI manufacturing data which will give more clues regarding the health of the Eurozone’s largest economy.
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