8 May 2014
GBP/USD touched 1.6940 to rebound
FXStreet (Moscow) - GBP/USD opened the day at 1.6951, moved lower to 1.6941, but rebounded by the moment above 1.6960 area.
Game of contrasts
The pair will stay tuned on EUR’USD moves as the BOE meeting will again a complete non-event. Any dovish comments from Draghi may revive the demand on the pound in the game of contrasts. While the ECB is dancing on the brink of more easing, the BOE is moving closer to tightening mode, and the current meetings may remind the investors of it. Thus, the further move up is not ruled out with initial target at 1.7001 resistance level.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6964, with support below at 1.6939, 1.6927, 1.6902 with resistance above at 1.6976, 1.7001, and 1.7013. Hourly Moving Averages are largely bullish, with the 200SMA at 1.6879, and the daily 20EMA bullish at 1.6825. Hourly RSI is bullish at 51.
Game of contrasts
The pair will stay tuned on EUR’USD moves as the BOE meeting will again a complete non-event. Any dovish comments from Draghi may revive the demand on the pound in the game of contrasts. While the ECB is dancing on the brink of more easing, the BOE is moving closer to tightening mode, and the current meetings may remind the investors of it. Thus, the further move up is not ruled out with initial target at 1.7001 resistance level.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6964, with support below at 1.6939, 1.6927, 1.6902 with resistance above at 1.6976, 1.7001, and 1.7013. Hourly Moving Averages are largely bullish, with the 200SMA at 1.6879, and the daily 20EMA bullish at 1.6825. Hourly RSI is bullish at 51.