3 Oct 2014
GBP/USD depressed by PMI at 3-month low
FXStreet (Moscow) - GBP/USD kept going lower sliding below 1.61 just before the UK data release, and moving to 1.6078 post data.
When PMI is out
The pound felt nervous before the Services PMI release, as it realized the chances to beat 9-month high at 60.5 in August are quite low. The market expected to see 59.1, and the data came at 58.7 printing 3-month low, and confirming the British economy peaked back in the second quarter, and there are more disappointing readings in store. The pound moved to 1.6083 low on the release, and may target next support at 1.6032 further out.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6170, with support below at 1.6032 and 1.5950 with resistance above at 1.6226, 1.6308 and 1.6364. Hourly Moving Averages are bearish, with the 200SMA at 1.6268, and the daily 20EMA bearish at 1.6304. Hourly RSI is bearish at 30.
When PMI is out
The pound felt nervous before the Services PMI release, as it realized the chances to beat 9-month high at 60.5 in August are quite low. The market expected to see 59.1, and the data came at 58.7 printing 3-month low, and confirming the British economy peaked back in the second quarter, and there are more disappointing readings in store. The pound moved to 1.6083 low on the release, and may target next support at 1.6032 further out.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6170, with support below at 1.6032 and 1.5950 with resistance above at 1.6226, 1.6308 and 1.6364. Hourly Moving Averages are bearish, with the 200SMA at 1.6268, and the daily 20EMA bearish at 1.6304. Hourly RSI is bearish at 30.