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Forex pairs in this Article » GBP/USD (London) - GBP/USD has been supported by the psychological level 1.5300 and the 50d ma.

GBP/USD is currently moving between 1.5315/25 territories ahead of key US data this afternoon. The pair is awaiting US consumer confidence numbers (Jul) expected to read 81.5. We have seen some minor releases in the Redbook index printing slightly below previous. Tomorrow we will see the ADP employment change, GDP numbers for Q2, PCE and also FOMC. So there could well be some positioning leading up to tomorrow in NA and overnight.

GBP/USD mixed

The Elliott wave signals and the TD counts have been signalling failure when we started to see the pound losing its grip at the recent highs. However, if the pair can still manage a move to the upside and breach 1.5435 then this could signal that there is still more upside left towards 1.5551 and the 78.6% retracement. 1.5265 is a key support level and a close below could open up channels to 1.4850 zone once again. For the time being, 1.5300 is holding.
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