12 May 2014
GBP/USD got some fuel to reach 1.6880
FXStreet (Moscow) - GBP/USD opened the day at 1.6840, and edged slightly higher in Asia, speeding the pace in European morning where it reached session high at 1.6881.
UK data is of interest
Although the pair retreated below 1.69 from recent multi-year highs, the current week may give the pound opportunity to move closer to 1.70 area again, as Labor data and Quarterly Inflation Report are scheduled for release. The market waits for any hints from the BOE on the possibility of tightening this year. And if inflation and growth forecasts are revised higher, it may be enough for investors to believe. The pair reached 1.6850 support area, and it may work as a spring board for another rush higher with initial target at 1.6915 resistance level.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6874, with support below at 1.6808, 1.6767, 1.6701 with resistance above at 1.6915, 1.6981, and 1.7022. Hourly Moving Averages are largely bearish, with the 200SMA at 1.6900, and the daily 20EMA flat at 1.6837. Hourly RSI is bearish at 34.
UK data is of interest
Although the pair retreated below 1.69 from recent multi-year highs, the current week may give the pound opportunity to move closer to 1.70 area again, as Labor data and Quarterly Inflation Report are scheduled for release. The market waits for any hints from the BOE on the possibility of tightening this year. And if inflation and growth forecasts are revised higher, it may be enough for investors to believe. The pair reached 1.6850 support area, and it may work as a spring board for another rush higher with initial target at 1.6915 resistance level.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6874, with support below at 1.6808, 1.6767, 1.6701 with resistance above at 1.6915, 1.6981, and 1.7022. Hourly Moving Averages are largely bearish, with the 200SMA at 1.6900, and the daily 20EMA flat at 1.6837. Hourly RSI is bearish at 34.