13 Feb 2014
GBP/USD continues its victorious procession up
FXStreet (Moscow) - GBP/USD continued its route march higher, reaching 1.6622 high in the morning from 1.6594 at the opening.
The pound has the grounds to build the rise on
The pair posted new 2-weeks highs and still has the potential to go higher back to January records around 1.6650. Today the British calendar is barren, but the understanding that the BOE revised higher its outlook for the economy, and presented the timing for next rate hike may support the demand on the pound. Weaker than expected US Retail sales may become the needed catalysts of another wave of buying. In this case the initial target is at 1.6655 resistance level.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6540, with support below at 1.6478, 1.6363 and 1.6301, with resistance above at 1.6655, 1.6717, and 1.6832. Hourly Moving Averages are largely bullish, with the 200SMA at 1.6386, and the daily 20EMA flat at 1.6443. Hourly RSI is neutral at 70.
The pound has the grounds to build the rise on
The pair posted new 2-weeks highs and still has the potential to go higher back to January records around 1.6650. Today the British calendar is barren, but the understanding that the BOE revised higher its outlook for the economy, and presented the timing for next rate hike may support the demand on the pound. Weaker than expected US Retail sales may become the needed catalysts of another wave of buying. In this case the initial target is at 1.6655 resistance level.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6540, with support below at 1.6478, 1.6363 and 1.6301, with resistance above at 1.6655, 1.6717, and 1.6832. Hourly Moving Averages are largely bullish, with the 200SMA at 1.6386, and the daily 20EMA flat at 1.6443. Hourly RSI is neutral at 70.