24 Apr 2014
GBP/USD struggles to get above 1.68
FXStreet (Moscow) - GBP/USD is in recovery mode starting the day at 1.6779 and posting 1.6805 morning high, but the further move higher looks complicated.
More reasons to buy
Despite the recent sell-off of the pound, the pair still have good potential to go higher, and now there are even more arguments in favor of this scenario. First, those who wanted to fix the profits already did this leaving the currency at very attractive levels for bulls. Second, the recent MPC minutes were slightly more optimistic leaving the hope for dissidence within the Committee coming soon. Thus, the rebound of the pair is not ruled out with initial target at 1.6825 resistance level followed by 1.6869.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6794, with support below at 1.6750, 1.6719, 1.6675 with resistance above at 1.6825, 1.6869, and 1.6900. Hourly Moving Averages are mixed, with the 200SMA at 1.6779, and the daily 20EMA bullish at 1.6727. Hourly RSI is bearish at 44.
More reasons to buy
Despite the recent sell-off of the pound, the pair still have good potential to go higher, and now there are even more arguments in favor of this scenario. First, those who wanted to fix the profits already did this leaving the currency at very attractive levels for bulls. Second, the recent MPC minutes were slightly more optimistic leaving the hope for dissidence within the Committee coming soon. Thus, the rebound of the pair is not ruled out with initial target at 1.6825 resistance level followed by 1.6869.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6794, with support below at 1.6750, 1.6719, 1.6675 with resistance above at 1.6825, 1.6869, and 1.6900. Hourly Moving Averages are mixed, with the 200SMA at 1.6779, and the daily 20EMA bullish at 1.6727. Hourly RSI is bearish at 44.