5 May 2014
GBP/USD paused at 1.6870 before a busy week ahead
FXStreet (Moscow) - GBP/USD opened the day at 1.6878, and spent the Asian trades in quite narrow ranges, trading at 1.6870 at the moment.
PMI is on the desk
The pair is slowly moving up, if you look at H4 chart, although it’s not an easy task to get above 1.70. The busy economic calendar from the UK may give some fuel to move higher. If services sector PMI also increased above expectations last month, it could trigger another wave of demand on the back of recent positive surprises from the manufacturing and construction sector. The initial target in this case may become 1.6906. However, we will see the report only on Tuesday, and today we may enjoy consolidative moves on the back of empty economic calendar.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6864, with support below at 1.6832, 1.6790, 1.6758 with resistance above at 1.6906, 1.6938, and 1.6980. Hourly Moving Averages are largely neutral, with the 200SMA at 1.6832, and the daily 20EMA bullish at 1.6787. Hourly RSI is bearish at 40.
PMI is on the desk
The pair is slowly moving up, if you look at H4 chart, although it’s not an easy task to get above 1.70. The busy economic calendar from the UK may give some fuel to move higher. If services sector PMI also increased above expectations last month, it could trigger another wave of demand on the back of recent positive surprises from the manufacturing and construction sector. The initial target in this case may become 1.6906. However, we will see the report only on Tuesday, and today we may enjoy consolidative moves on the back of empty economic calendar.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6864, with support below at 1.6832, 1.6790, 1.6758 with resistance above at 1.6906, 1.6938, and 1.6980. Hourly Moving Averages are largely neutral, with the 200SMA at 1.6832, and the daily 20EMA bullish at 1.6787. Hourly RSI is bearish at 40.