18 Jun 2014
GBP/USD scared to leave cozy 1.6960 before the minutes
FXStreet (Moscow) - GBP/USD prefers to follow the broad trend of not moving, wiggling around 1.6960 at the moment.
The beginning of new era
Despite all the speculations about the FOMC meeting and its outcome, the pound will have its own reasons to move. The UK releases MPC minutes, and this time the market will scrutinize every word of the text in order to see the beginning of new era in the life of the BOE. Since Carney has already hinted on the better than expected growth rate that may speed up the transition to tighter monetary policy, we may see some other proponents of the same view. And the more hawks within MPC, the better is for the pound with initial target to the upside at 1.7016.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6964, with support below at 1.6937, 1.6912, 1.6885 with resistance above at 1.6989, 1.7016, and 1.7041. Hourly Moving Averages are largely bullish, with the 200SMA at 1.6863, and the daily 20EMA bullish at 1.6848. Hourly RSI is bearish at 46.
The beginning of new era
Despite all the speculations about the FOMC meeting and its outcome, the pound will have its own reasons to move. The UK releases MPC minutes, and this time the market will scrutinize every word of the text in order to see the beginning of new era in the life of the BOE. Since Carney has already hinted on the better than expected growth rate that may speed up the transition to tighter monetary policy, we may see some other proponents of the same view. And the more hawks within MPC, the better is for the pound with initial target to the upside at 1.7016.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6964, with support below at 1.6937, 1.6912, 1.6885 with resistance above at 1.6989, 1.7016, and 1.7041. Hourly Moving Averages are largely bullish, with the 200SMA at 1.6863, and the daily 20EMA bullish at 1.6848. Hourly RSI is bearish at 46.