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3 Jun 2014
GBP/USD is bored, tired and relaxed at 1.6745
FXStreet (Moscow) - GBP/USD opened the day at 1.6745, and wiggling around that level ever since; it reached 1.6754 at the moment.
Dancing on Euro weakness
The pound has been quite reserved recently, as economic data out of UK doesn’t give the reasons for recovery, and the downside potential looks exhausted for the time being. However, the weakness of the EMU readings may become another reason to buy cable on the game of contrasts, as British reports signal of stable recovery, and the reading from euro zone only raise new questions. Besides, the UK Construction PMI should not be ignored, as positive data may give slight support to the cable. The initial target to the upside may become 1.6770 resistance, while the downside may be limited by 1.6723 support level.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6748, with support below at 1.6723, 1.6701, 1.6676 with resistance above at 1.6770, 1.6795, and 1.6817. Hourly Moving Averages are mixed, with the 200SMA at 1.6797, and the daily 20EMA bearish at 1.6801. Hourly RSI is bearish at 49.
Dancing on Euro weakness
The pound has been quite reserved recently, as economic data out of UK doesn’t give the reasons for recovery, and the downside potential looks exhausted for the time being. However, the weakness of the EMU readings may become another reason to buy cable on the game of contrasts, as British reports signal of stable recovery, and the reading from euro zone only raise new questions. Besides, the UK Construction PMI should not be ignored, as positive data may give slight support to the cable. The initial target to the upside may become 1.6770 resistance, while the downside may be limited by 1.6723 support level.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6748, with support below at 1.6723, 1.6701, 1.6676 with resistance above at 1.6770, 1.6795, and 1.6817. Hourly Moving Averages are mixed, with the 200SMA at 1.6797, and the daily 20EMA bearish at 1.6801. Hourly RSI is bearish at 49.