4 Mar 2014
GBP/USD tries to recover close to 1.67 area
FXStreet (Moscow) - After attempts of http://www.fxstreet.com/technical-studies/currencies/gbpusd/">GBP/USD to break below 1.6650 failed it took the first opportunity to rise to 1.6683 session high.
Construction PMI may bring some surprises
News on Russian troops gave the required catalyst to recover part of the recent losses. Cable showed sharp slide down in late American session on comments from Ukraine that Russia allegedly increaseв Crimea forces. It sank down to 1.6652 low, and since that time managed to reverse the move. The sell-off was only triggered by rumors, but series of cascading stops played the key role. The pair still has a good potential to resume the rise given the scheduled for release UK Construction PMI report. The index is forecasted to fall from the long-term high at 64.6 to 63.6. However, if it comes out above expectations, wait for another move higher as the market will take it as another argument for strong 1Q GDP data. The upside is limited by 1.6722 resistance level.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6688, with support below at 1.6622, 1.6588 and 1.6522, with resistance above at 1.6722, 1.6788, and 1.6822. Hourly Moving Averages are largely bearish, with the 200SMA at 1.6676, and the daily 20EMA bullish at 1.6615. Hourly RSI is neutral at 37.
Construction PMI may bring some surprises
News on Russian troops gave the required catalyst to recover part of the recent losses. Cable showed sharp slide down in late American session on comments from Ukraine that Russia allegedly increaseв Crimea forces. It sank down to 1.6652 low, and since that time managed to reverse the move. The sell-off was only triggered by rumors, but series of cascading stops played the key role. The pair still has a good potential to resume the rise given the scheduled for release UK Construction PMI report. The index is forecasted to fall from the long-term high at 64.6 to 63.6. However, if it comes out above expectations, wait for another move higher as the market will take it as another argument for strong 1Q GDP data. The upside is limited by 1.6722 resistance level.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6688, with support below at 1.6622, 1.6588 and 1.6522, with resistance above at 1.6722, 1.6788, and 1.6822. Hourly Moving Averages are largely bearish, with the 200SMA at 1.6676, and the daily 20EMA bullish at 1.6615. Hourly RSI is neutral at 37.