Forex: GBP/USD pulls back from 1.6200 post-FOMC
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GBP/USD
FXstreet.com (San Francisco) - GBPUSD hit a 4-day high at the 1.6200 mark moments before the release of FOMC Minutes on Thursday, but has pulled back from the figure and now trades around 1.6180 as investors digest Federal Reserve official's views.
The pair managed to bounce from a 23.6% Fibonacci retracement level earlier today, and has since blown through offers above1.6185 (Oct 2 high). The 200-week EMA appears to have capped the upside momentum for now, and a 50% Fibonacci retracement level of the decline from 1.6308 to 1.6065 (at 1.6185 ) is also attracting sellers .
The 21-day EMA (1.6108) also looks to support price, having gained 0.7% so far today, set to record its largest daily gain since August 3.
The pair managed to bounce from a 23.6% Fibonacci retracement level earlier today, and has since blown through offers above1.6185 (Oct 2 high). The 200-week EMA appears to have capped the upside momentum for now, and a 50% Fibonacci retracement level of the decline from 1.6308 to 1.6065 (at 1.6185 ) is also attracting sellers .
The 21-day EMA (1.6108) also looks to support price, having gained 0.7% so far today, set to record its largest daily gain since August 3.
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