Back
4 Jun 2014
GBP/USD is sliding to 1.67 before UK PMI
FXStreet (Moscow) - GBP/USD chose the downside movement from the morning starting at 1.6751 and reaching 1.6707 session low by the moment.
Pound needs excitement
Although the recent experience of the two UK PMI reports was not a positive one, the Service Sector Index may still bring some excitement to the pound bulls. The fact that the cable is trying to ignore negative data may mean the move down has exhausted, and the traders are looking for any catalyst able to bring the pair back to recent highs. The released today report is interesting because the April numbers were the first to rise after 6 consecutive months of decrease, and though the market expects to see the resumption of the downtrend, some positive surprises from the Services PMI are not ruled out. The upside may bring 1.6778 resistance level as the initial target.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6754, with support below at 1.6726, 1.6702, 1.6674 with resistance above at 1.6778, 1.6806, and 1.6830. Hourly Moving Averages are bearish, with the 200SMA at 1.6780, and the daily 20EMA bearish at 1.6798. Hourly RSI is bearish at 32.
Pound needs excitement
Although the recent experience of the two UK PMI reports was not a positive one, the Service Sector Index may still bring some excitement to the pound bulls. The fact that the cable is trying to ignore negative data may mean the move down has exhausted, and the traders are looking for any catalyst able to bring the pair back to recent highs. The released today report is interesting because the April numbers were the first to rise after 6 consecutive months of decrease, and though the market expects to see the resumption of the downtrend, some positive surprises from the Services PMI are not ruled out. The upside may bring 1.6778 resistance level as the initial target.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6754, with support below at 1.6726, 1.6702, 1.6674 with resistance above at 1.6778, 1.6806, and 1.6830. Hourly Moving Averages are bearish, with the 200SMA at 1.6780, and the daily 20EMA bearish at 1.6798. Hourly RSI is bearish at 32.