6 May 2014
GBP/USD edges closer to 1.69 in PMI anticipation
FXStreet (Moscow) - GBP/USD opened the day at 1.6865, and reached 1.6899 session high by the moment in anticipation of data
Services PMI has good potential
The pair has strong potential to go further up, but every time it demands even stronger data to reach new multi-year highs. As the Manufacturing PMI did help to trigger some interest to the pound after positive surprises of last week, we do not rule out the services PMI has such potential as well. The Index has shown downside trend from the last October, thus there are high chances to see better than expected numbers this time. If so, wait for another move higher with initial target at 1.6921 resistance when 1.69 is broken.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6870, with support below at 1.6851, 1.6835, 1.6816 with resistance above at 1.6886, 1.6905, and 1.6921. Hourly Moving Averages are bullish, with the 200SMA at 1.6838, and the daily 20EMA bullish at 1.6795. Hourly RSI is bullish at 67.
Services PMI has good potential
The pair has strong potential to go further up, but every time it demands even stronger data to reach new multi-year highs. As the Manufacturing PMI did help to trigger some interest to the pound after positive surprises of last week, we do not rule out the services PMI has such potential as well. The Index has shown downside trend from the last October, thus there are high chances to see better than expected numbers this time. If so, wait for another move higher with initial target at 1.6921 resistance when 1.69 is broken.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6870, with support below at 1.6851, 1.6835, 1.6816 with resistance above at 1.6886, 1.6905, and 1.6921. Hourly Moving Averages are bullish, with the 200SMA at 1.6838, and the daily 20EMA bullish at 1.6795. Hourly RSI is bullish at 67.