Back
22 May 2014
GBP/USD is reluctant to grow ahead of GDP numbers
FXStreet (Moscow) - GBP/USD has retreated from the pivotal resistance of 1.6900 and tumbled to current lows of 1.6881
The last, but not the least
The pound refreshed the weekly highs, but was not able to advocate 1.69 area returning back below by the end of Wednesday. The pair looks overbought, and this may be one of the reasons the way up is not an easy task. However, the key factor of unstable rise of the cable lies in the absolutely neutral position of the BOE that keep convincing the market there will be no rate hikes this year. The regulator needs to get the series of very strong data to realize the time has come. Thus, the second estimate of the GDP scheduled for release tonight may be of interest. Positive revisions may support the interest to the pair with another attack at 1.69 resistance.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6884, with support below at 1.6846, 1.6792, and 1.6754 with resistance above at 1.6938, 1.6976, and 1.7030. Hourly Moving Averages are bullish, with the 200SMA at 1.6831, and the daily 20EMA flat at 1.6833. Hourly RSI is bullish at 60.
The last, but not the least
The pound refreshed the weekly highs, but was not able to advocate 1.69 area returning back below by the end of Wednesday. The pair looks overbought, and this may be one of the reasons the way up is not an easy task. However, the key factor of unstable rise of the cable lies in the absolutely neutral position of the BOE that keep convincing the market there will be no rate hikes this year. The regulator needs to get the series of very strong data to realize the time has come. Thus, the second estimate of the GDP scheduled for release tonight may be of interest. Positive revisions may support the interest to the pair with another attack at 1.69 resistance.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6884, with support below at 1.6846, 1.6792, and 1.6754 with resistance above at 1.6938, 1.6976, and 1.7030. Hourly Moving Averages are bullish, with the 200SMA at 1.6831, and the daily 20EMA flat at 1.6833. Hourly RSI is bullish at 60.