9 May 2014
GBP/USD drifts closer to 1.69 waiting for catalysts
FXStreet (Moscow) - GBP/USD opened the day at 1.6931, moved lower to 1.6914, but rebounded by the moment to 1.6925 area.
UK data is of interest
The pair was neutral during Thursday trades, as the BOE meeting was another non-event, and slightly bearish in the morning as nothing significant happened. Nevertheless, the scheduled for release data from the UK today may attract market attention given the absence of any other catalysts. Although the market expects weak numbers from the Industrial Production and Trade Balance, there are still some chances to see better than expected readings given the recent trend of strong PMI data. If so, wait for another wave of demand on the pair with initial target at 1.6964 resistance.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6944, with support below at 1.6911, 1.6891, 1.6858 with resistance above at 1.6964, 1.6997, and 1.7017. Hourly Moving Averages are largely bearish, with the 200SMA at 1.6895, and the daily 20EMA bullish at 1.6835. Hourly RSI is bearish at 40.
UK data is of interest
The pair was neutral during Thursday trades, as the BOE meeting was another non-event, and slightly bearish in the morning as nothing significant happened. Nevertheless, the scheduled for release data from the UK today may attract market attention given the absence of any other catalysts. Although the market expects weak numbers from the Industrial Production and Trade Balance, there are still some chances to see better than expected readings given the recent trend of strong PMI data. If so, wait for another wave of demand on the pair with initial target at 1.6964 resistance.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6944, with support below at 1.6911, 1.6891, 1.6858 with resistance above at 1.6964, 1.6997, and 1.7017. Hourly Moving Averages are largely bearish, with the 200SMA at 1.6895, and the daily 20EMA bullish at 1.6835. Hourly RSI is bearish at 40.