31 Jan 2014
GBP/USD caged in narrow range
FXstreet.com (Moscow) - GBP/USD is trading at 1.6475 showing some attempts to find a direction – first, it rose to 1.6496, and the fell to 1.6465.
Corrective rebound, or pause before the fall?
The second day of barren economic calendar didn’t prevent the pound from showing some volatility. The Emerging Markets issue is still on the table, though it looks like the pair already exhausted its downward potential. Remember, today the traders will have the last chance to fix the profit before the weekends, thus, there is strong possibility to see corrective moves. The initial target in this case will be at 1.6548 resistance level. Should the EM turmoil continue to pressure the pair, the move down will be limited by 1.6424 support level.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6496, with support below at 1.6424 (S1), 1.6372 (S2) and 1.6300 (S3), with resistance above at 1.6548 (R1), 1.6620 (R2), and 1.6672 (R3). Hourly Moving Averages are largely bearish, with the 200SMA at 1.6539, and the daily 20EMA flat at 1.6486. Hourly RSI is neutral at 38.
Corrective rebound, or pause before the fall?
The second day of barren economic calendar didn’t prevent the pound from showing some volatility. The Emerging Markets issue is still on the table, though it looks like the pair already exhausted its downward potential. Remember, today the traders will have the last chance to fix the profit before the weekends, thus, there is strong possibility to see corrective moves. The initial target in this case will be at 1.6548 resistance level. Should the EM turmoil continue to pressure the pair, the move down will be limited by 1.6424 support level.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6496, with support below at 1.6424 (S1), 1.6372 (S2) and 1.6300 (S3), with resistance above at 1.6548 (R1), 1.6620 (R2), and 1.6672 (R3). Hourly Moving Averages are largely bearish, with the 200SMA at 1.6539, and the daily 20EMA flat at 1.6486. Hourly RSI is neutral at 38.