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GBP/USD feels uncomfortable at current levels, 1.67 is endangered

FXStreet (Moscow) - GBP/USD opened the day at 1.6726, spent Asian trades in very tight range, and ticked lower to 1.6703 at the European open.

Three reasons not to move

The pound feels uncomfortable at the current levels, as it is still scared to get some more negative information. The market may focus on the UK CPI release for today, however, subdued reaction to the report is not ruled out. There are some factors that shouldn’t be neglected. First, the recent BOE Quarter Report already gave a clear outlook for the British inflation, and most probably the released today readings were already included in the analyses. Second, the recent Carney’s interview stressed that the wage inflation should not be the only focus for the market rate expectations. And third, the report is expected to show a lower price pressure, and such an outcome is mostly priced in the market given the recent disappointments.

What are today’s key GBP/USD levels?

Today's central pivot point can be found at 1.6727, with support below at 1.6714, 1.6701 and 1.6688 with resistance above at 1.6740, 1.6753, and 1.6766. Hourly Moving Averages are mixed, with the 200SMA bearish at 1.6760, and the daily 20EMA bearish at 1.6841. Hourly RSI is bullish at 53.

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