29 Apr 2014
GBP/USD is working on 1.6820 resistance
FXStreet (Moscow) - GBP/USD opened the day at 1.6806, reached morning high at 1.6816, and is trading somewhere around at the moment.
How to refresh 2009 highs?
GBP got another reason to refresh multi-year highs around 1.6850 on M&A flows yesterday. The move had absolutely psychological grounds given the relatively small amount of the transaction. But today there will be a real fundamental catalyst as Q1 GDP numbers are released. The market expects the growth will meet the expectations, or come out lower due to slower retail sales in the first quarter, thus any positive surprises may trigger exaggerated reaction with possibility to refresh the November, 2009 high at 1.6876. The initial target to the downside is at 1.6770.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6814, with support below at 1.6770, 1.6732, 1.6688 with resistance above at 1.6852, 1.6896, and 1.6934. Hourly Moving Averages are largely bullish, with the 200SMA at 1.6804, and the daily 20EMA bullish at 1.6747. Hourly RSI is bearish at 41.
How to refresh 2009 highs?
GBP got another reason to refresh multi-year highs around 1.6850 on M&A flows yesterday. The move had absolutely psychological grounds given the relatively small amount of the transaction. But today there will be a real fundamental catalyst as Q1 GDP numbers are released. The market expects the growth will meet the expectations, or come out lower due to slower retail sales in the first quarter, thus any positive surprises may trigger exaggerated reaction with possibility to refresh the November, 2009 high at 1.6876. The initial target to the downside is at 1.6770.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6814, with support below at 1.6770, 1.6732, 1.6688 with resistance above at 1.6852, 1.6896, and 1.6934. Hourly Moving Averages are largely bullish, with the 200SMA at 1.6804, and the daily 20EMA bullish at 1.6747. Hourly RSI is bearish at 41.