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11 Aug 2014
GBP/USD is too shy to rise, but too proud to fall
FXStreet (Moscow) - GBP/USD opened at 1.6775, and showed very shy attempts to rise, posting 1,6785 by the moment.
How to bottom
The pair is probably the only one that reacts not to the geopolitical risks but rather to economic events. The fundamental disappointments from the UK helped the market realize that it was overoptimistic about the British growth potential. Now we need to understand weather the recent negative surprises is a trend, or just one month correction after a long period of growth. The scheduled for release this week data out of the UK may help to understand it, as the Quarterly Report will include the economic forecasts. Revised higher figures may help the pair to bottom. And at the moment the initial target to the upside may lie at 1.6817 resistance, while the bottom may be limited by 1.6747.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6792, with support below at 1.6747, 1.6722 and 1.6677 with resistance above at 1.6817, 1.6862, and 1.6887. Hourly Moving Averages are mixed, with the 200SMA bearish at 1.6861, and the daily 20EMA bearish at 1.6934. Hourly RSI is bearish at 39.
How to bottom
The pair is probably the only one that reacts not to the geopolitical risks but rather to economic events. The fundamental disappointments from the UK helped the market realize that it was overoptimistic about the British growth potential. Now we need to understand weather the recent negative surprises is a trend, or just one month correction after a long period of growth. The scheduled for release this week data out of the UK may help to understand it, as the Quarterly Report will include the economic forecasts. Revised higher figures may help the pair to bottom. And at the moment the initial target to the upside may lie at 1.6817 resistance, while the bottom may be limited by 1.6747.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6792, with support below at 1.6747, 1.6722 and 1.6677 with resistance above at 1.6817, 1.6862, and 1.6887. Hourly Moving Averages are mixed, with the 200SMA bearish at 1.6861, and the daily 20EMA bearish at 1.6934. Hourly RSI is bearish at 39.