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GBP/USD advances with focus on UK data

FXStreet (Córdoba) - The GBP/USD has advanced to fresh daily highs as the greenback recedes across the board at the beginning of the European session.

The GBP/USD is extending its recovery from 2-month lows Wednesday with focus on UK data to be released later. June employment data and the BoE Quarterly Inflation Report are on tap today with investors looking for clues about the timing of a rate hike in the UK.

The GBP/USD received a boost and hit a 5-day high of 1.6825 before the 200-hour SMA offered resistance. At time of writing, the Cable is trading at 1.6820, recording a 0.6% gain on the day.

GBP/USD technical levels

In terms of technical levels, immediate resistances could be found at 1.6832 (10-day SMA), 1.6863 (Aug 7 high) and 1.6880 (100-day SMA). On the other hand, supports are seen at 1.6756 (Aug 12 low), 1.6737 (Jun 11 low) and 1.6722 (Jun 5 low).

EUR/USD was awaken by the German inflation data and stocks

EUR/USD spent the Asian session within narrow 10-pip range, however, the European opening and the just released German CPI data helped the pair with fuel sending it to 1.3372 at the moment.
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