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GBP bulls got a chance, will they grab it?

FXStreet (Moscow) - GBP/USD is trying to conquer the local resistance of 1.6730 after opening at 1.6720, with a gap higher from Friday’s close at 1.6695.

GBP's nightmare is over

Dragonfly doji followed by bullish candle on daily GBP/USD charts suggests that bears got tired after chasing the pair lower during six weeks in a row. Probably, Bank of England is also tired of GBP tumbling down as Mark Carney agitated investors by saying that positive real wages are not a mandatory condition for starting the tightening cycle. As a result, GBP/USD gapped higher and started the Asian session above an important resistance of 1.6700. Now the nearest future of the pair is in the hands of European traders as they are still to react to the news. There is nothing of interest in the calendar today, so Carney’s comments have a good chance to become the hot topic of the day. From the technical point of view keep an eye at 1.6700. If the pair returns to the area plow this level and closes the gap, we might have some period of consolidation around recent lows. Otherwise the upside correction may extend to the initial bullish target of 1.6780/00.

What are today’s key GBP/USD levels?

Today's central pivot point can be found at 1.6690, with support below at 1.6678, 1.6665 and 1.6653 with resistance above at 1.6703, 1.6715, and 1.6728. Hourly Moving Averages are bearish, with the 200SMA bearish at 1.6778, and the daily 20EMA bearish at 1.6852. Hourly RSI is bullish at 71.

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