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23 Apr 2014
GBP/USD follows the cross move, back to 1.68 area
FXStreet (Moscow) - Currently, GBP/USD came under pressure from EUR/GBP cross moves sliding down to session low at 1.6799.
Another non-event
The pound managed to move lower on the empty British calendar, at first pressured by the EUR/GBP cross move which helped the pair trigger the stops below 1.6820 and slid to 1.6799 session low. And it may continue the trend on the released today MPC minutes expected to be another non-event. Nothing significant happened in April to change the monetary authorities stance, thus, we expect to see unanimous vote, and unchanged comments. Most probably only the May Inflation Report may become a game changer for the pound, and may define the long-term direction of the British currency. Thus, by that time we may see only shy attempts to move higher. For today the upside is limited by 1.6847 resistance level, and the downside – by 1.6793.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6817, with support below at 1.6793, 1.6763, 1.6739 with resistance above at 1.6847, 1.6871, and 1.6901. Hourly Moving Averages are mixed, with the 200SMA at 1.6776, and the daily 20EMA bullish at 1.6721. Hourly RSI is bullish at 53.
Another non-event
The pound managed to move lower on the empty British calendar, at first pressured by the EUR/GBP cross move which helped the pair trigger the stops below 1.6820 and slid to 1.6799 session low. And it may continue the trend on the released today MPC minutes expected to be another non-event. Nothing significant happened in April to change the monetary authorities stance, thus, we expect to see unanimous vote, and unchanged comments. Most probably only the May Inflation Report may become a game changer for the pound, and may define the long-term direction of the British currency. Thus, by that time we may see only shy attempts to move higher. For today the upside is limited by 1.6847 resistance level, and the downside – by 1.6793.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6817, with support below at 1.6793, 1.6763, 1.6739 with resistance above at 1.6847, 1.6871, and 1.6901. Hourly Moving Averages are mixed, with the 200SMA at 1.6776, and the daily 20EMA bullish at 1.6721. Hourly RSI is bullish at 53.