28 Apr 2014
GBP/USD retreats after failure around 1.6850
FXStreet (Moscow) - GBP/USD apparently met good sellers’ demand around 1.6850, and now retraced back to 1.6840.
If the UK GDP grows…
Despite the recent splash of demand on the pound due to Pfizer deal, the move is of temporary nature. The British Q1 growth data will definitely be the key focus for the pound traders near-term. The recently released data supports the view the GDP may at most meet expectations, hardly will we see the exceeded levels, as the recent data gives mixed signals. For example, retail sales growth from January till March was slower compared to the previous quarter, but the trade activity improved, thus, offsetting some negative effect from the weaker consumer demand. The outcome of the release may define the cable direction, and able to take it out of the weekly range. As we don’t have any key UK releases for tonight left, the pair may show some retracement with initial target at 1.6825 area.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6808, with support below at 1.6783, 1.6766, 1.6741 with resistance above at 1.6825, 1.6850, and 1.6867. Hourly Moving Averages are largely bearish, with the 200SMA at 1.6796, and the daily 20EMA bullish at 1.6740. Hourly RSI is bearish at 41.
If the UK GDP grows…
Despite the recent splash of demand on the pound due to Pfizer deal, the move is of temporary nature. The British Q1 growth data will definitely be the key focus for the pound traders near-term. The recently released data supports the view the GDP may at most meet expectations, hardly will we see the exceeded levels, as the recent data gives mixed signals. For example, retail sales growth from January till March was slower compared to the previous quarter, but the trade activity improved, thus, offsetting some negative effect from the weaker consumer demand. The outcome of the release may define the cable direction, and able to take it out of the weekly range. As we don’t have any key UK releases for tonight left, the pair may show some retracement with initial target at 1.6825 area.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6808, with support below at 1.6783, 1.6766, 1.6741 with resistance above at 1.6825, 1.6850, and 1.6867. Hourly Moving Averages are largely bearish, with the 200SMA at 1.6796, and the daily 20EMA bullish at 1.6740. Hourly RSI is bearish at 41.