27 Mar 2014
GBP/USD bounced back from 1.66, but may attack again
FXStreet (Barcelona) - GBP/USD is retracing from Wednesday highs starting the day at 1.6581 and reaching 1.6566 low by the moment.
Martin Weale was the first to say
The pound reached 1-week high at 1.6595 yesterday, but lost the momentum, and reversed the move trading around 1.6570 area at the moment. The pair waited too long to get such a positive comment of British economy from the monetary official. Now even risk aversive moods won’t stop the pair on its move higher. The BoE member Martin Weale was practically the first from the MPC to state the economy recovery with such a pace, that it may have impact on the interest rate. In this positive environment the better that expected Retail Sales may become a needed catalyst to trigger another wave of buying with initial target at 1.6616 resistance level.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6563, with support below at 1.6526, 1.6473, and 1.6436 with resistance above at 1.6616, 1.6653, and 1.6706. Hourly Moving Averages are largely bullish, with the 200SMA at 1.6555, and the daily 20EMA flat at 1.6587. Hourly RSI is neutral at 63.
Martin Weale was the first to say
The pound reached 1-week high at 1.6595 yesterday, but lost the momentum, and reversed the move trading around 1.6570 area at the moment. The pair waited too long to get such a positive comment of British economy from the monetary official. Now even risk aversive moods won’t stop the pair on its move higher. The BoE member Martin Weale was practically the first from the MPC to state the economy recovery with such a pace, that it may have impact on the interest rate. In this positive environment the better that expected Retail Sales may become a needed catalyst to trigger another wave of buying with initial target at 1.6616 resistance level.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6563, with support below at 1.6526, 1.6473, and 1.6436 with resistance above at 1.6616, 1.6653, and 1.6706. Hourly Moving Averages are largely bullish, with the 200SMA at 1.6555, and the daily 20EMA flat at 1.6587. Hourly RSI is neutral at 63.