25 Mar 2014
GBP/USD may break below 1.6490/80
FXStreet (Moscow) - GBP/USD opened the day at 1.6496, and since that time hardly showed any moves, trading at 1.65 at the moment.
GBP/USD will need to pass a test
The paired is glued to 1.6490/80 area, and it may become a good support level for the short-term. However, the pair will need to pass a very important test to define further direction. Scheduled for release UK CPI data may show the weakening inflation pressure with the numbers reaching the levels of October, 2009 (1.7%). It means that the BOE will be in no rush to tighten the monetary policy due to price pressure, and if so, the pair may see a mild sell-off with initial target at 1.6461.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6499, with support below at 1.6461, 1.6424, and 1.6386 with resistance above at 1.6536, 1.6574, and 1.6611. Hourly Moving Averages are largely bearish, with the 200SMA at 1.6578, and the daily 20EMA bearish at 1.6593. Hourly RSI is neutral at 51.
GBP/USD will need to pass a test
The paired is glued to 1.6490/80 area, and it may become a good support level for the short-term. However, the pair will need to pass a very important test to define further direction. Scheduled for release UK CPI data may show the weakening inflation pressure with the numbers reaching the levels of October, 2009 (1.7%). It means that the BOE will be in no rush to tighten the monetary policy due to price pressure, and if so, the pair may see a mild sell-off with initial target at 1.6461.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6499, with support below at 1.6461, 1.6424, and 1.6386 with resistance above at 1.6536, 1.6574, and 1.6611. Hourly Moving Averages are largely bearish, with the 200SMA at 1.6578, and the daily 20EMA bearish at 1.6593. Hourly RSI is neutral at 51.