14 May 2014
GBP/USD - a couple of hours before the show!
FXStreet (Moscow) - GBP/USD started the day at 1.6823, reached 1.6867 high, and is trading somewhere around at the moment.
What is the direction?
The X date came for the pound, as today the Inflation Report may help the market to determine the medium term direction of the monetary policy, thus, helping the investors with pair direction as well. The data usually triggers sharp volatility, and this time it won’t be an exception. Any forecasts revised up by the BOE will mean the regulator is optimistic about economic outlook, and the market will take it as a hint on sooner rather than later tightening. Although the pair is trading below 1.69, the positive developments may trigger broad demand on the pound bringing it back to 1.70 area.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6843, with support below at 1.6800, 1.6776, 1.6733 with resistance above at 1.6867, 1.6910, and 1.6934. Hourly Moving Averages are mixed, with the 200SMA at 1.6901, and the daily 20EMA flat at 1.6838. Hourly RSI is bullish at 62.
What is the direction?
The X date came for the pound, as today the Inflation Report may help the market to determine the medium term direction of the monetary policy, thus, helping the investors with pair direction as well. The data usually triggers sharp volatility, and this time it won’t be an exception. Any forecasts revised up by the BOE will mean the regulator is optimistic about economic outlook, and the market will take it as a hint on sooner rather than later tightening. Although the pair is trading below 1.69, the positive developments may trigger broad demand on the pound bringing it back to 1.70 area.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6843, with support below at 1.6800, 1.6776, 1.6733 with resistance above at 1.6867, 1.6910, and 1.6934. Hourly Moving Averages are mixed, with the 200SMA at 1.6901, and the daily 20EMA flat at 1.6838. Hourly RSI is bullish at 62.