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31 Mar 2014
GBP/USD иуфкы take revenge and drop the pair to 1.6629
FXStreet (Moscow) - GBP/USD feels blue on Monday as the pair rejected from the strong resistance of 1.6650 and dropped to current Asian lows of 1.6629; The bearish sentiment is still strong.
Correction is due
GBP/USD had a good weekly ride, but it looks like 1.6650 is going to be strong to pass through. Bulls are a bit tired, while BOE rate hike theme has lost its shine and appeal. This week is light in terms of UK eta releases, so the traders may use this breathing period to reassess their UK growth and monetary policy expectations. On the intraday basis the pound may be vulnerable to further losses if money supply fails to hint on growing inflationary pressure, while consumer credit report came out below forecasted 0.7B. The key technical levels to watch are: 1.6620 followed by 1.6600 on the downside and 1.6650 followed by 1.6670 on the upside
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6630, with support below at 1.6608, 1.6575, and 1.6553 with resistance above at 1.6663, 1.6685, and 1.6718. Hourly Moving Averages are mixed, with the 200SMA at 1.6552, and the daily 20EMA bullish at 1.6594. Hourly RSI is neutral at 33.
Correction is due
GBP/USD had a good weekly ride, but it looks like 1.6650 is going to be strong to pass through. Bulls are a bit tired, while BOE rate hike theme has lost its shine and appeal. This week is light in terms of UK eta releases, so the traders may use this breathing period to reassess their UK growth and monetary policy expectations. On the intraday basis the pound may be vulnerable to further losses if money supply fails to hint on growing inflationary pressure, while consumer credit report came out below forecasted 0.7B. The key technical levels to watch are: 1.6620 followed by 1.6600 on the downside and 1.6650 followed by 1.6670 on the upside
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6630, with support below at 1.6608, 1.6575, and 1.6553 with resistance above at 1.6663, 1.6685, and 1.6718. Hourly Moving Averages are mixed, with the 200SMA at 1.6552, and the daily 20EMA bullish at 1.6594. Hourly RSI is neutral at 33.