30 Apr 2014
GBP/USD is pressured by cross behavior
FXStreet (Moscow) - GBP/USD broke below 1.6820 again and posted 1.6806 session low trading somewhere around at the moment.
No catalysts
The pair got under pressure mostly due to the EUR/GBP behavior, as the cross came closer to strong support level at 0.82, and rebounded a bit higher. And there is also a usual month-end EURGBP demand to factor in as well. The UK economic calendar is empty for today, thus the pair will have to move on the yesterday’s GDP data, and current market sentiment. Given the disappointment in the British growth pace, and the expectations of strong US readings from ADP report, the pair has all the chances to retreat from current levels with initial target at 1.6797. Besides, the 4th failed attempt to break above 1.6850 is another sign the pair will retreat below 1.68 again.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6823, with support below at 1.6797, 1.6768, 1.6742 with resistance above at 1.6852, 1.6878, and 1.6907. Hourly Moving Averages are largely neutral, with the 200SMA at 1.6805, and the daily 20EMA bullish at 1.6754. Hourly RSI is bearish at 47.
No catalysts
The pair got under pressure mostly due to the EUR/GBP behavior, as the cross came closer to strong support level at 0.82, and rebounded a bit higher. And there is also a usual month-end EURGBP demand to factor in as well. The UK economic calendar is empty for today, thus the pair will have to move on the yesterday’s GDP data, and current market sentiment. Given the disappointment in the British growth pace, and the expectations of strong US readings from ADP report, the pair has all the chances to retreat from current levels with initial target at 1.6797. Besides, the 4th failed attempt to break above 1.6850 is another sign the pair will retreat below 1.68 again.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6823, with support below at 1.6797, 1.6768, 1.6742 with resistance above at 1.6852, 1.6878, and 1.6907. Hourly Moving Averages are largely neutral, with the 200SMA at 1.6805, and the daily 20EMA bullish at 1.6754. Hourly RSI is bearish at 47.