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19 Mar 2014
GBP/USD is licking the wounds around 1.66
FXStreet (Moscow) - GBP/USD rebounded from 1-month lows reached yesterday at 1.6544 reaching 1.6602 session high by the moment.
GBP/USD will be too busy and important
The attempts of cable to break above 1.6600 failed as the pair met sellers’ interest. GBP lost about 15 pips, and now in consolidation waiting for European catalysts. Today is the busiest day of the week for the pound, as we will see UK budget data, MPC minutes, and labor numbers. The latter is probably the most interesting one given the mentioned by the BOE focus on spare capacities in labor market. It means that the market will pay attention not only to unemployment rate, but also to average hours worked and average earnings as an indicator of future inflation. If numbers are above expectations, wait for the move higher with initial target at1.6647 resistance level.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6596, with support below at 1.6542, 1.6491 and 1.6437 with resistance above at 1.6647, 1.6701, and 1.6752. Hourly Moving Averages are largely bullish, with the 200SMA bearish at 1.6648, and the daily 20EMA flat at 1.6636. Hourly RSI is neutral at 45.
GBP/USD will be too busy and important
The attempts of cable to break above 1.6600 failed as the pair met sellers’ interest. GBP lost about 15 pips, and now in consolidation waiting for European catalysts. Today is the busiest day of the week for the pound, as we will see UK budget data, MPC minutes, and labor numbers. The latter is probably the most interesting one given the mentioned by the BOE focus on spare capacities in labor market. It means that the market will pay attention not only to unemployment rate, but also to average hours worked and average earnings as an indicator of future inflation. If numbers are above expectations, wait for the move higher with initial target at1.6647 resistance level.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6596, with support below at 1.6542, 1.6491 and 1.6437 with resistance above at 1.6647, 1.6701, and 1.6752. Hourly Moving Averages are largely bullish, with the 200SMA bearish at 1.6648, and the daily 20EMA flat at 1.6636. Hourly RSI is neutral at 45.