7 Apr 2014
GBP/USD is still attracted by 1.6580
FXStreet (Moscow) - GBP/USD started the day at 1.6568, and after failed attempts to break above 1.6580 area, camped around the open levels.
Focus on fundamentals
The morning moves of the pound are the indicatives more of its uncertainty, than of laziness. The pair is under the threat of new arguments for weaker British growth after a series of disappointments from PMI last week. The market is absolutely sure the BOE won’t bring anything interesting during this week meeting. However, it only turns the focus to real fundamentals, and if we see new signs of weakness, new wave of selling is not ruled out. Since today nothing of interest is scheduled, the pair may stay in consolidation mode with initial target to the downside at 1.6550 support level, and the upside is limited by 1.6603 resistance.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6579, with support below at 1.6550, 1.6526, and 1.6497 with resistance above at 1.6603, 1.6632, and 1.6656. Hourly Moving Averages are bearish, with the 200SMA at 1.6609, and the daily 20EMA flat at 1.6602. Hourly RSI is neutral at 40.
Focus on fundamentals
The morning moves of the pound are the indicatives more of its uncertainty, than of laziness. The pair is under the threat of new arguments for weaker British growth after a series of disappointments from PMI last week. The market is absolutely sure the BOE won’t bring anything interesting during this week meeting. However, it only turns the focus to real fundamentals, and if we see new signs of weakness, new wave of selling is not ruled out. Since today nothing of interest is scheduled, the pair may stay in consolidation mode with initial target to the downside at 1.6550 support level, and the upside is limited by 1.6603 resistance.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6579, with support below at 1.6550, 1.6526, and 1.6497 with resistance above at 1.6603, 1.6632, and 1.6656. Hourly Moving Averages are bearish, with the 200SMA at 1.6609, and the daily 20EMA flat at 1.6602. Hourly RSI is neutral at 40.