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20 Feb 2014
GBP/USD is depressed by UK data
FXStreet (Moscow) - GBP/USD came under mild selling at the Asia opening sliding to 1.6663 low but rebounding to 1.6690 at the moment.
The US data may give a chance to the pound
The pair is depressed by fundamentals. The labor data from UK disappointed investors by unexpected rise of the unemployment rate to 7.2 per cent. However, given the strong pace of British economic recovery the current level can have temporary nature, and we may see the long-expected 7.0 area already soon. Given the barren UK calendar for today, the only chance for the pound to resume the rise is to get weak US data. If inflation or manufacturing numbers surprise to the downside, the pair may target 1.6736 resistance level.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6686, with support below at 1.6637, 1.6587 and 1.6538, with resistance above at 1.6736, 1.6785, and 1.6835. Hourly Moving Averages are largely bearish, with the 200SMA at 1.6599, and the daily 20EMA bullish at 1.6542. Hourly RSI is neutral at 48.
The US data may give a chance to the pound
The pair is depressed by fundamentals. The labor data from UK disappointed investors by unexpected rise of the unemployment rate to 7.2 per cent. However, given the strong pace of British economic recovery the current level can have temporary nature, and we may see the long-expected 7.0 area already soon. Given the barren UK calendar for today, the only chance for the pound to resume the rise is to get weak US data. If inflation or manufacturing numbers surprise to the downside, the pair may target 1.6736 resistance level.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6686, with support below at 1.6637, 1.6587 and 1.6538, with resistance above at 1.6736, 1.6785, and 1.6835. Hourly Moving Averages are largely bearish, with the 200SMA at 1.6599, and the daily 20EMA bullish at 1.6542. Hourly RSI is neutral at 48.