4 Apr 2014
GBP/USD is left within 20-pip cage
FXStreet (Moscow) - The GBP/USD is treading water around 1.6585 slipping to 1.6576 in the morning, but rebounding back again.
No hope for this week?
Worse than expected PMI data killed the last hope for the pair to recover during this week. Although we do believe the British recovery is on the stable path, and economy grow may outpace most of the UK colleagues in G7, the market need the reason to buy the currency, and now the number of reasons is diminishing. Today a big test will be from the US data, and if the American economy outlook will look brighter in the eyes of investors, we may see another bout of sell-off with initial target at 1.6559 support level followed by 1.6518.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6610, with support below at 1.6559, 1.6518, and 1.6467 with resistance above at 1.6651, 1.6702, and 1.6743. Hourly Moving Averages are bearish, with the 200SMA at 1.6601, and the daily 20EMA flat at 1.6605. Hourly RSI is neutral at 38.
No hope for this week?
Worse than expected PMI data killed the last hope for the pair to recover during this week. Although we do believe the British recovery is on the stable path, and economy grow may outpace most of the UK colleagues in G7, the market need the reason to buy the currency, and now the number of reasons is diminishing. Today a big test will be from the US data, and if the American economy outlook will look brighter in the eyes of investors, we may see another bout of sell-off with initial target at 1.6559 support level followed by 1.6518.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6610, with support below at 1.6559, 1.6518, and 1.6467 with resistance above at 1.6651, 1.6702, and 1.6743. Hourly Moving Averages are bearish, with the 200SMA at 1.6601, and the daily 20EMA flat at 1.6605. Hourly RSI is neutral at 38.