8 Apr 2014
GBP/USD bulls jump the gun
FXStreet (Moscow) - GBP/USD is on the move just before the UK industrial output numbers; the pair rushed to new highs at 1.6638 after consolidation in a narrow range around 1.6615.
The market still believes
The pair will probably the main market-mover for today given the scheduled for release the UK Industrial Data. The series of disappointments from the three sectors of the British economy could assure the investors in the fragility of the recovery process in the country, but we still see the pair well bid, meaning the market prices in the positive numbers again. Thus, we expect really sharp sell-off in case of weak data with initial target at 1.6600 support level, but milder reaction to positive surprise with the move to 1.6660 resistance level initially, followed by 1.6700.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6599, with support below at 1.6573, 1.6539, and 1.6513 with resistance above at 1.6633, 1.6659, and 1.6693. Hourly Moving Averages are largely bullish, with the 200SMA at 1.6617, and the daily 20EMA flat at 1.6602. Hourly RSI is neutral at 64.
The market still believes
The pair will probably the main market-mover for today given the scheduled for release the UK Industrial Data. The series of disappointments from the three sectors of the British economy could assure the investors in the fragility of the recovery process in the country, but we still see the pair well bid, meaning the market prices in the positive numbers again. Thus, we expect really sharp sell-off in case of weak data with initial target at 1.6600 support level, but milder reaction to positive surprise with the move to 1.6660 resistance level initially, followed by 1.6700.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6599, with support below at 1.6573, 1.6539, and 1.6513 with resistance above at 1.6633, 1.6659, and 1.6693. Hourly Moving Averages are largely bullish, with the 200SMA at 1.6617, and the daily 20EMA flat at 1.6602. Hourly RSI is neutral at 64.