14 Mar 2014
GBP/USD went for a dive back under 1.66
FXStreet (Moscow) - GBP/USD was more reserved than EUR/USD spending the whole morning within 16-pip range; but with Europe open it rushed to 1.66 support area.
GBP/USD is getting immune to risk aversion
The pair copies the EUR/USD moves, but the reactions are not that impressive. The pound is under pressure of technical factors. It is still close to multi-year highs, and previously the attempts to break above 1.68-1.70 area failed twice – in August, 2009 and in April/May 2011. So the chances to see retracement back to 1.6480 area are quite high, though risk aversion have no such big impact on the cable, as in case with euro. The British recovery supports the positions of the GBP, and it will soon become totally immune to risk-off sentiment. The initial target to the downside is at 1.6580, and the upside is limited by 1.6650 resistance.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6650, with support below at 1.6581, 1.6538 and 1.6469 with resistance above at 1.6693, 1.6762, and 1.6805. Hourly Moving Averages are largely bearish, with the 200SMA bearish at 1.6673, and the daily 20EMA flat at 1.6640. Hourly RSI is neutral at 41.
GBP/USD is getting immune to risk aversion
The pair copies the EUR/USD moves, but the reactions are not that impressive. The pound is under pressure of technical factors. It is still close to multi-year highs, and previously the attempts to break above 1.68-1.70 area failed twice – in August, 2009 and in April/May 2011. So the chances to see retracement back to 1.6480 area are quite high, though risk aversion have no such big impact on the cable, as in case with euro. The British recovery supports the positions of the GBP, and it will soon become totally immune to risk-off sentiment. The initial target to the downside is at 1.6580, and the upside is limited by 1.6650 resistance.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6650, with support below at 1.6581, 1.6538 and 1.6469 with resistance above at 1.6693, 1.6762, and 1.6805. Hourly Moving Averages are largely bearish, with the 200SMA bearish at 1.6673, and the daily 20EMA flat at 1.6640. Hourly RSI is neutral at 41.