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20 Mar 2014
GBP/USD switched to ‘low recovery mode’
FXStreet (Moscow) - GBP/USD started the day at 1.6531, plunged to 1.6507 low, but soon recovered the loss reaching 1.6553 high in Europe.
GBP/USD may go on with correction
Wednesday was a hard day for the pound. The pair lost the chance to break through the strong resistance level at 1.6650 on better than expected jobs data. Dovish comments of MPC members showing the concern on the high exchange rate of the national currency that may bring disinflationary developments. However, the pair did manage to break below strong support level at 1.6550 on FOMC decision reaching 1.6507 low overnight. Given the barren economic calendar for today, the pound may show mild correction with initial target at 1.6568 resistance level.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6568, with support below at 1.6479, 1.6419 and 1.6330 with resistance above at 1.6628, 1.6717, and 1.6777. Hourly Moving Averages are bearish, with the 200SMA at 1.6628, and the daily 20EMA flat at 1.6627. Hourly RSI is neutral at 37.
GBP/USD may go on with correction
Wednesday was a hard day for the pound. The pair lost the chance to break through the strong resistance level at 1.6650 on better than expected jobs data. Dovish comments of MPC members showing the concern on the high exchange rate of the national currency that may bring disinflationary developments. However, the pair did manage to break below strong support level at 1.6550 on FOMC decision reaching 1.6507 low overnight. Given the barren economic calendar for today, the pound may show mild correction with initial target at 1.6568 resistance level.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6568, with support below at 1.6479, 1.6419 and 1.6330 with resistance above at 1.6628, 1.6717, and 1.6777. Hourly Moving Averages are bearish, with the 200SMA at 1.6628, and the daily 20EMA flat at 1.6627. Hourly RSI is neutral at 37.