9 Apr 2014
GBP/USD ignored the Trade data, and struck its roots deep to 1.6640 area
FXStreet (Moscow) - GBP/USD is still around 1.6640 area not ready move either way.
Trade balance was ignored
The recently released February UK trade balance came out better than expected at -9.09 bn vs -9.2 bn forecasted. Besides, the prior reading was revised higher to -9.46 bn vs. -9.79 bn. Nevertheless, the market completely ignored the data, although it gave another reason to buy the cable, as strong national currency didn’t have negative impact on trades. It means, the investors are not ready to take every opportunity to move the pair higher, waiting for the outcome of the FOMC minutes. Thus, a slight retracement to initial target at 1.6720 is not ruled out for now.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6702, with support below at 1.6647, 1.6548, and 1.6493 with resistance above at 1.6801, 1.6856, and 1.6955. Hourly Moving Averages are bullish, with the 200SMA at 1.6634, and the daily 20EMA flat at 1.6616. Hourly RSI is bullish at 80.
Trade balance was ignored
The recently released February UK trade balance came out better than expected at -9.09 bn vs -9.2 bn forecasted. Besides, the prior reading was revised higher to -9.46 bn vs. -9.79 bn. Nevertheless, the market completely ignored the data, although it gave another reason to buy the cable, as strong national currency didn’t have negative impact on trades. It means, the investors are not ready to take every opportunity to move the pair higher, waiting for the outcome of the FOMC minutes. Thus, a slight retracement to initial target at 1.6720 is not ruled out for now.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6702, with support below at 1.6647, 1.6548, and 1.6493 with resistance above at 1.6801, 1.6856, and 1.6955. Hourly Moving Averages are bullish, with the 200SMA at 1.6634, and the daily 20EMA flat at 1.6616. Hourly RSI is bullish at 80.