22 Jul 2014
GBP/USD is quietly crawling up to 1.71 area
FXStreet (Moscow) - GBP/USD opened at 1.7073, and gradually moved higher reaching 1.7081 by the moment.
When MPC Minutes are looming
Today’s data hardly may trigger any significant moves especially with the MPC minutes looming. Only if CBI Industrial Trends Survey shows dramatic change from the previous levels it may bring some reaction to the pair. The market is looking for any evidence of additional strength of the British economy in order to price in the possibility of the first rate hike this year. Sharp recovery of industrial sector may be another argument in favor of earlier tightening, but it should be really sharp.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.7077, with support below at 1.7054, 1.7031, and 1.7008 with resistance above at 1.7100, 1.7123, and 1.7146. Hourly Moving Averages are mixed, with the 200SMA bearish at 1.7113, and the daily 20EMA flat at 1.7082. Hourly RSI is bullish at 51.
When MPC Minutes are looming
Today’s data hardly may trigger any significant moves especially with the MPC minutes looming. Only if CBI Industrial Trends Survey shows dramatic change from the previous levels it may bring some reaction to the pair. The market is looking for any evidence of additional strength of the British economy in order to price in the possibility of the first rate hike this year. Sharp recovery of industrial sector may be another argument in favor of earlier tightening, but it should be really sharp.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.7077, with support below at 1.7054, 1.7031, and 1.7008 with resistance above at 1.7100, 1.7123, and 1.7146. Hourly Moving Averages are mixed, with the 200SMA bearish at 1.7113, and the daily 20EMA flat at 1.7082. Hourly RSI is bullish at 51.