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GBP/USD scared to move before the UK releases

FXStreet (Moscow) - GBP/USD climbed above 1.6820, but stuck around the area scared to move higher before the key UK releases.

Two-staged moves

The pair managed to recover before the key UK releases of the week, although on early Tuesday it looked like the pound will have hard time rising. Today’s pound moves may be two-staged, as first we will get employment data, and later the Quarterly Inflation Report will come. The investors doubt that the British economy will show the same pace of growth as in the second quarter, however, the hope is still alive as the BOE Report may hint on more aggressive stance of the MPC if the forecasts are revised higher. In this case the splash of demand may take the pair to new highs with 1.6834, 1.6855, and 1.6894 resistances in store.

What are today’s key GBP/USD levels?

Today's central pivot point can be found at 1.6795, with support below at 1.6774, 1.6735 and 1.6714 with resistance above at 1.6834, 1.6855, and 1.6894. Hourly Moving Averages are mixed, with the 200SMA bearish at 1.6829, and the daily 20EMA bearish at 1.6910. Hourly RSI is bullish at 70.

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