12 Dec 2013
GBP/USD declines off morning high
Having spiked to 1.6418 in early trading, GBP/USD has declined to where it is currently trading at 1.6390, up 0.08% on the day still.
GBP/USD declines off morning spike
Having found resistance at the hourly 50 SMA, GBP/USD has edged lower, and looks to be following EUR led flows this morning. ECB President Draghi spoke today, reiterating that the inflation outlook was weak and that further easing could be considered. This was followed by the ECB Monthly report which echoed the Nov. 5th predecessor and reiterated that all instruments were being kept on the table. Consequentially, EUR/GBP has had a negative correlation to GBP/USD today.
How strong has GBP/USD been today and what are the key levels?
Hourly RSI sits at 50, while stochastics look poised to dip out of overbought territory. ADX meanwhile is at 29. The hourly 200 SMA sits at 1.6384 and is sloping higher, while the daily 20 EMA is bullish at 1.6286. The daily pivot point sits at 1.6392, with support below at 1.6325 (S1), 1.6272 (S2) and 1.6205 (S3) and resistance above at 1.6445 (R1), 1.6512 (R2) and 1.6565 (R3).
GBP/USD declines off morning spike
Having found resistance at the hourly 50 SMA, GBP/USD has edged lower, and looks to be following EUR led flows this morning. ECB President Draghi spoke today, reiterating that the inflation outlook was weak and that further easing could be considered. This was followed by the ECB Monthly report which echoed the Nov. 5th predecessor and reiterated that all instruments were being kept on the table. Consequentially, EUR/GBP has had a negative correlation to GBP/USD today.
How strong has GBP/USD been today and what are the key levels?
Hourly RSI sits at 50, while stochastics look poised to dip out of overbought territory. ADX meanwhile is at 29. The hourly 200 SMA sits at 1.6384 and is sloping higher, while the daily 20 EMA is bullish at 1.6286. The daily pivot point sits at 1.6392, with support below at 1.6325 (S1), 1.6272 (S2) and 1.6205 (S3) and resistance above at 1.6445 (R1), 1.6512 (R2) and 1.6565 (R3).