9 Apr 2014
GBP/USD doesn’t feel like going down
FXStreet (Moscow) - GBP/USD has stuck in 1.6750/40 resistance area, and while everybody is in corrective mood today, the pound doesn’t feel like going down yet.
Trade balance may bring the cable back to earth
After the recent rush higher the pair stuck around 1.6740 not ready to move higher on the back of unstable British fundamentals, and with the FOMC minutes in store. However, the move lower doesn’t attract the pair either. The scheduled for today UK Trade Balance data may bring the market attention back to the problems the British economy still has. If we see the deficit expansion, wait for the mild sell-off of the pair with initial target at 1.6702 support level.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6702, with support below at 1.6647, 1.6548, and 1.6493 with resistance above at 1.6801, 1.6856, and 1.6955. Hourly Moving Averages are bullish, with the 200SMA at 1.6634, and the daily 20EMA flat at 1.6616. Hourly RSI is bullish at 80.
Trade balance may bring the cable back to earth
After the recent rush higher the pair stuck around 1.6740 not ready to move higher on the back of unstable British fundamentals, and with the FOMC minutes in store. However, the move lower doesn’t attract the pair either. The scheduled for today UK Trade Balance data may bring the market attention back to the problems the British economy still has. If we see the deficit expansion, wait for the mild sell-off of the pair with initial target at 1.6702 support level.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6702, with support below at 1.6647, 1.6548, and 1.6493 with resistance above at 1.6801, 1.6856, and 1.6955. Hourly Moving Averages are bullish, with the 200SMA at 1.6634, and the daily 20EMA flat at 1.6616. Hourly RSI is bullish at 80.