23 Jul 2014
GBP/USD fails to rise on MPC, but focuses on mortgage approvals
FXStreet (Moscow) - GBP/USD recovered to 1.7080 area before the minutes release, and moved to 1.7094 right after.
When minutes are out
The pair hesitated before the minutes release, as there still were some chances of more aggressive stance from the MPC members given the recent mixed comments we heard from officials. The minutes showed that there was no divergence in views within the camp, and the monetary authorities made a decision unanimously. This harsh reality didn’t kill all the hopes for the pound to recover to 1.72 area, and even sent the pair to 1.7094 high initially. The reason of such behavior could be rooted in the rise of Mortgage Approvals number to 43.2 from 41.8 previously. However, the optimism soon faded away, and the pair stuck around 1.7070 again.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.7063, with support below at 1.7042, 1.7020, and 1.6999 with resistance above at 1.7085, 1.7106, and 1.7128. Hourly Moving Averages are mixed, with the 200SMA bearish at 1.7104, and the daily 20EMA flat at 1.7080. Hourly RSI is bullish at 55.
When minutes are out
The pair hesitated before the minutes release, as there still were some chances of more aggressive stance from the MPC members given the recent mixed comments we heard from officials. The minutes showed that there was no divergence in views within the camp, and the monetary authorities made a decision unanimously. This harsh reality didn’t kill all the hopes for the pound to recover to 1.72 area, and even sent the pair to 1.7094 high initially. The reason of such behavior could be rooted in the rise of Mortgage Approvals number to 43.2 from 41.8 previously. However, the optimism soon faded away, and the pair stuck around 1.7070 again.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.7063, with support below at 1.7042, 1.7020, and 1.6999 with resistance above at 1.7085, 1.7106, and 1.7128. Hourly Moving Averages are mixed, with the 200SMA bearish at 1.7104, and the daily 20EMA flat at 1.7080. Hourly RSI is bullish at 55.