Back
5 Mar 2014
GBP/USD has a day-off at 1.6665
FXStreet (Moscow) - GBP/USD spent the morning in coma around 1.6665 barely moving from the open.
GBP – there are chances
The laziness of the pair has the reasons – it has no any M&A flows support left, as the Vodafone/Verizon deal was completed yesterday. Now everything will depend on the fundamental front, and given the series of disappointing data the chances to see another day of pound weakness are quite high. Nevertheless, the hope is still here, and it may come from the Service PMI numbers. We already know that bad weather distorted the construction sector data, and the same could be with today’s report. And market does expect some weakness, so any positive surprises will boost the pound move higher with initial target at 1.6712 resistance level.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6676, with support below at 1.6634, 1.6598 and 1.6556, with resistance above at 1.6712, 1.6754, and 1.6790. Hourly Moving Averages are largely bearish, with the 200SMA at 1.6676, and the daily 20EMA bullish at 1.6620. Hourly RSI is neutral at 46.
GBP – there are chances
The laziness of the pair has the reasons – it has no any M&A flows support left, as the Vodafone/Verizon deal was completed yesterday. Now everything will depend on the fundamental front, and given the series of disappointing data the chances to see another day of pound weakness are quite high. Nevertheless, the hope is still here, and it may come from the Service PMI numbers. We already know that bad weather distorted the construction sector data, and the same could be with today’s report. And market does expect some weakness, so any positive surprises will boost the pound move higher with initial target at 1.6712 resistance level.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6676, with support below at 1.6634, 1.6598 and 1.6556, with resistance above at 1.6712, 1.6754, and 1.6790. Hourly Moving Averages are largely bearish, with the 200SMA at 1.6676, and the daily 20EMA bullish at 1.6620. Hourly RSI is neutral at 46.