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GBP/USD capped by 1.6600

FXStreet (Edinburgh) - After dipping to multi-month lows in the area of 1.6540, the GBP/USD managed to climb back to the boundaries of 1.6600 the figure on Monday.

GBP/USD surrenders early gains

The initial GBP strength seems to have found selling interest in the vicinity of 1.6600 the figure, with spot being rejected to the 1.6580/75 band. There are no scheduled events in the UK economy today, leaving the US docket as the main catalyst for the pair’s price action. “While the undertone for GBP remains weak, the downward momentum is not strong and any further down-move is expected to struggle near 1.6500. However, only a break back above 1.6585 would indicate that a temporary low is in place”, suggested Quek Ser Leang, Market Strategist at UOB Group.

GBP/USD levels to watch

At the moment the pair is up 0.06% at 1.6580 with the next resistance at 1.6602 (high Aug.21) ahead of 1.6654 (10-d MA) and finally 1.6680 (high Aug.20). On the flip side, a breakdown of 1.6501 (low Aug.25) would target 1.6460 (low Mar.24) and then 1.6425 (low Feb.12).

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