23 May 2014
GBP/USD is muddling about opening levels
FXStreet (Moscow) - GBP/USD is sidelined ahead of the quiet European session; the pair is trading at 1.6871, off the Asian lows of 1.6852
No room for mistakes
The 1.69 area is still not captured, although the pound attacks it for the second day in a row. Now even the data in line with the forecasts may disappoint, so the cable has no room for mistakes. Today the UK calendar is practically empty, so the chances of range trading are quite high. The only catalyst of note is US New Home Sales released during American session. Significant surprises may trigger some volatility by the end of the trading week.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6880, with support below at 1.6842, 1.6812, and 1.6774 with resistance above at 1.6910, 1.6948, and 1.6978. Hourly Moving Averages are mixed, with the 200SMA at 1.6832, and the daily 20EMA flat at 1.6837. Hourly RSI is bearish at 49.
No room for mistakes
The 1.69 area is still not captured, although the pound attacks it for the second day in a row. Now even the data in line with the forecasts may disappoint, so the cable has no room for mistakes. Today the UK calendar is practically empty, so the chances of range trading are quite high. The only catalyst of note is US New Home Sales released during American session. Significant surprises may trigger some volatility by the end of the trading week.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6880, with support below at 1.6842, 1.6812, and 1.6774 with resistance above at 1.6910, 1.6948, and 1.6978. Hourly Moving Averages are mixed, with the 200SMA at 1.6832, and the daily 20EMA flat at 1.6837. Hourly RSI is bearish at 49.