25 Apr 2014
GBP/USD is lazy on Friday morning, around 1.68
FXStreet (Moscow) - GBP/USD started the day at 1.6800, and ticked higher, though managed to add only 11 pips at most.
Key event of the week
Despite the laziness we see in the morning, the pair may become more expressive during the day. The market will focus on the UK Retail Sales scheduled for release today. Empty economic calendar left the pair without any catalysts during the current week, and the rising demand on the euro pressured the cable via EUR/GBP cross. However, today the pair may have its own reasons to fall as consumer demand in March could have fallen after a strong rise in February. The March BRC retail sales only support the forecasts for possible weakness of readings, and if so, the pair may sell off on the release with initial target at 1.6749 support level.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6792, with support below at 1.6775, 1.6749, 1.6732 with resistance above at 1.6818, 1.6835, and 1.6861. Hourly Moving Averages are largely bullish, with the 200SMA at 1.6787, and the daily 20EMA bullish at 1.6734. Hourly RSI is bullish at 56.
Key event of the week
Despite the laziness we see in the morning, the pair may become more expressive during the day. The market will focus on the UK Retail Sales scheduled for release today. Empty economic calendar left the pair without any catalysts during the current week, and the rising demand on the euro pressured the cable via EUR/GBP cross. However, today the pair may have its own reasons to fall as consumer demand in March could have fallen after a strong rise in February. The March BRC retail sales only support the forecasts for possible weakness of readings, and if so, the pair may sell off on the release with initial target at 1.6749 support level.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6792, with support below at 1.6775, 1.6749, 1.6732 with resistance above at 1.6818, 1.6835, and 1.6861. Hourly Moving Averages are largely bullish, with the 200SMA at 1.6787, and the daily 20EMA bullish at 1.6734. Hourly RSI is bullish at 56.