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GBP/USD positioning before the US Non-Farm data

FXStreet (Moscow) - GBP/USD opened the day at 1.5830, and kept moving lower posting another 14-month lower at 1.5815 in late Asia; it’s currently trading at 1.5830.

The pound moves are chaotic, and inexplicable, as the pair lost ground yesterday with no particular reason. It broke below strong support level at 1.5850, and pushed lower to yearly low at 1.5815 this morning. It looked like the market has already positioned before the US data, and is completely sure that the Fed will be the first to act. However, given the oversold nature of the British currency, even if the readings meet the expectations, we may see the pair rebound with initial target at 1.5890.

What are today’s key GBP/USD levels?

Today's central pivot point can be found at 1.5890, with support below at 1.5777, followed by 1.5719 and 1.5606 with resistance above at 1.5948, followed by 1.6061 and 1.6119. Hourly Moving Averages are mixed, with the 200SMA bearish at 1.6005, and the daily 20EMA bearish at 1.6041. Hourly RSI is bearish at 34.

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