3 Feb 2014
GBP/USD is in blue testing 1.6420
FXstreet.com (Moscow) - GBP/USD is testing 1.6420/10 support area, showing timid attempts to go lower.
The UK PMI. Rehabilitation
Absence of UK economic data on Friday didn’t prevent the slide of the pound, though the move down was quite moderate. GBP/USD lost ground early in the morning due to some disappointment from housing data - January Hometrack Housing Survey signaled the slowing of the house price inflation to .3% m/m (vs. 0.5% prior). Later today everything may change – the scheduled for release Manufacturing PMI data may prove to be better than expected after the December’s impressive rebound from November high. Strong data may convince the investors that recent series of disappointments were of corrective nature, and support the demand on the Pound. The initial target in this case will be at 1.6455 resistance level. Should the PMI disappoints again, the move down will be limited by 1.6382 support level.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6455, with support below at 1.6410 (S1), 1.6382 (S2) and 1.6337 (S3), with resistance above at 1.6483 (R1), 1.6528 (R2), and 1.6556 (R3). Hourly Moving Averages are bearish, with the 200SMA at 1.6541, and the daily 20EMA flat at 1.6481. Hourly RSI is neutral at 36.
The UK PMI. Rehabilitation
Absence of UK economic data on Friday didn’t prevent the slide of the pound, though the move down was quite moderate. GBP/USD lost ground early in the morning due to some disappointment from housing data - January Hometrack Housing Survey signaled the slowing of the house price inflation to .3% m/m (vs. 0.5% prior). Later today everything may change – the scheduled for release Manufacturing PMI data may prove to be better than expected after the December’s impressive rebound from November high. Strong data may convince the investors that recent series of disappointments were of corrective nature, and support the demand on the Pound. The initial target in this case will be at 1.6455 resistance level. Should the PMI disappoints again, the move down will be limited by 1.6382 support level.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6455, with support below at 1.6410 (S1), 1.6382 (S2) and 1.6337 (S3), with resistance above at 1.6483 (R1), 1.6528 (R2), and 1.6556 (R3). Hourly Moving Averages are bearish, with the 200SMA at 1.6541, and the daily 20EMA flat at 1.6481. Hourly RSI is neutral at 36.