29 May 2014
GBP/USD thrown to 1.5-month low by UK guilts
FXStreet (Moscow) - GBP/USD opened the day at 1.6709, moved up to 1.6727, and retreated to 1.6720 area at the moment
UK gilts of note
The pound again is left without catalysts from British economic calendar. Although the absence of significant releases didn’t prevent the pair from showing high volatility, another day of radio silence may put the pair into narrow ranges with possibility of mild correction after the slide to 1.67 area yesterday. It may be worth watching 10 year gilt yields as well, as yesterday its slide was the main reason of the pound weakness. The upside may be limited by 1.6786 resistance for the near term, while the next target to the downside may become 1.6666 support.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6741, with support below at 1.6666, 1.6621, 1.6546 with resistance above at 1.6786, 1.6861, and 1.6906. Hourly Moving Averages are largely bearish, with the 200SMA at 1.6831, and the daily 20EMA bearish at 1.6822. Hourly RSI is bearish at 39.
UK gilts of note
The pound again is left without catalysts from British economic calendar. Although the absence of significant releases didn’t prevent the pair from showing high volatility, another day of radio silence may put the pair into narrow ranges with possibility of mild correction after the slide to 1.67 area yesterday. It may be worth watching 10 year gilt yields as well, as yesterday its slide was the main reason of the pound weakness. The upside may be limited by 1.6786 resistance for the near term, while the next target to the downside may become 1.6666 support.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6741, with support below at 1.6666, 1.6621, 1.6546 with resistance above at 1.6786, 1.6861, and 1.6906. Hourly Moving Averages are largely bearish, with the 200SMA at 1.6831, and the daily 20EMA bearish at 1.6822. Hourly RSI is bearish at 39.