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3 Jun 2014
GBP/USD got a gulp of UK data, and lost about 20 pips
FXStreet (Moscow) - GBP/USD was shy in its attempts to rise in European morning reaching 1,6781 high right before the release of UK Construction PMI, and moving to 1.6756 right after.
When PMI is out
Although the pair showed some desire to rise in the morning, it had nothing to move on, until we saw UK Construction PMI. The index came out worse than expected at 60.0 vs 60.8 expected. The index was gradually sliding from January high at 64.6, but we must admit that even lower levels are pointing to good pace of recovery in the industry. Yesterday’s Manufacturing PMI came out as expected, thus, leaving the pound without any catalysts. Although the pair practically ignored the data, the pound still came under mild pressure, and now it needs something for rehabilitation. Now the focus is on the EMU CPI data, as weaker than expected data may give mild support to the pair on the game of contrasts.
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.
When PMI is out
Although the pair showed some desire to rise in the morning, it had nothing to move on, until we saw UK Construction PMI. The index came out worse than expected at 60.0 vs 60.8 expected. The index was gradually sliding from January high at 64.6, but we must admit that even lower levels are pointing to good pace of recovery in the industry. Yesterday’s Manufacturing PMI came out as expected, thus, leaving the pound without any catalysts. Although the pair practically ignored the data, the pound still came under mild pressure, and now it needs something for rehabilitation. Now the focus is on the EMU CPI data, as weaker than expected data may give mild support to the pair on the game of contrasts.
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.