Back
27 Mar 2014
GBP/USD hesitates around 1.6560
FXStreet (Moscow) - GBP/USD is still trading in 1.6570 area, though made an attempt to go lower reaching 1.6554 in Europe.
Retail Sales are the key
Although the pound is almost immune to risk aversion, the broad based demand on less riskier assets put the pair under pressure recently. From intraday high at 1.6584 the pair slid to 1.6554, but there was no follow through. The reason of the cable resilience lies in fundamental stability of the UK, and the nearing UK Retail Sales may prove the British economy is on the stable path of recovery. If so, the pair may gain momentum breaking above 1.66 resistance and targeting 1.6653.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6563, with support below at 1.6526, 1.6473, and 1.6436 with resistance above at 1.6616, 1.6653, and 1.6706. Hourly Moving Averages are largely bullish, with the 200SMA at 1.6555, and the daily 20EMA flat at 1.6587. Hourly RSI is neutral at 63.
Retail Sales are the key
Although the pound is almost immune to risk aversion, the broad based demand on less riskier assets put the pair under pressure recently. From intraday high at 1.6584 the pair slid to 1.6554, but there was no follow through. The reason of the cable resilience lies in fundamental stability of the UK, and the nearing UK Retail Sales may prove the British economy is on the stable path of recovery. If so, the pair may gain momentum breaking above 1.66 resistance and targeting 1.6653.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6563, with support below at 1.6526, 1.6473, and 1.6436 with resistance above at 1.6616, 1.6653, and 1.6706. Hourly Moving Averages are largely bullish, with the 200SMA at 1.6555, and the daily 20EMA flat at 1.6587. Hourly RSI is neutral at 63.