24 Jul 2014
GBP/USD stole the show reacting to Retail Sales
FXStreet (Moscow) - GBP/USD came under mild pressure on strong EMU PMI’s sliding back to 1.7030 area; the just released UK Retail Sales sent the pair to 1,70 area.
When Retail Sales come out
The pair came under pressure through EUR/GBP cross moves, as the euro was helped by stronger than expected PMI data reviving the hopes for gradual recovery of the euro zone. However, just released UK Retail Sales stole the show, and attracted the market attention with the readings coming out at 0.1% m/m, 3.6% y/y vs. 0.3% m/m, 3.9% y/y expected. The pair moved to 1.7008 low post the release as the investors took the numbers as another evidence of weaker than perceived British economic recovery.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.7055, with support below at 1.7013, 1.6983 and 1.6941 with resistance above at 1.7085, 1.7127, and 1.7157. Hourly Moving Averages are bearish, with the 200SMA at 1.7093, and the daily 20EMA flat at 1.7077. Hourly RSI is bullish at 40.
When Retail Sales come out
The pair came under pressure through EUR/GBP cross moves, as the euro was helped by stronger than expected PMI data reviving the hopes for gradual recovery of the euro zone. However, just released UK Retail Sales stole the show, and attracted the market attention with the readings coming out at 0.1% m/m, 3.6% y/y vs. 0.3% m/m, 3.9% y/y expected. The pair moved to 1.7008 low post the release as the investors took the numbers as another evidence of weaker than perceived British economic recovery.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.7055, with support below at 1.7013, 1.6983 and 1.6941 with resistance above at 1.7085, 1.7127, and 1.7157. Hourly Moving Averages are bearish, with the 200SMA at 1.7093, and the daily 20EMA flat at 1.7077. Hourly RSI is bullish at 40.