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31 Mar 2014
GBP/USD is fighting with strong resistance around 1.6650 area
FXStreet (Moscow) - GBP/USD opened the day at 1.6655, but very soon slid to 1.6627 session low, as sellers’ interest won’t let the pair break above the resistance so far; it rebounded to 1.6640 by the moment.
New catalysts to come
After the whole week of rising the pair may have a little pause on practically empty calendar. We see that 1.6650 area is still not easy to break above, as it served as a good barrier in the middle of January, and actually triggered a retracement that time. Nevertheless, the pound looks strong now, so we don’t rule out the move up will succeed soon. Mortgage approvals report is the only release of interest for today, and strong rise of the indicator may support a mild demand on the pair, especially before the release of PMI data scheduled for the week ahead. If so, the pair may break above 1.6650 resistance with initial target at 1.6685.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6630, with support below at 1.6608, 1.6575, and 1.6553 with resistance above at 1.6663, 1.6685, and 1.6718. Hourly Moving Averages are largely bullish, with the 200SMA at 1.6552, and the daily 20EMA bullish at 1.6594. Hourly RSI is neutral at 50.
New catalysts to come
After the whole week of rising the pair may have a little pause on practically empty calendar. We see that 1.6650 area is still not easy to break above, as it served as a good barrier in the middle of January, and actually triggered a retracement that time. Nevertheless, the pound looks strong now, so we don’t rule out the move up will succeed soon. Mortgage approvals report is the only release of interest for today, and strong rise of the indicator may support a mild demand on the pair, especially before the release of PMI data scheduled for the week ahead. If so, the pair may break above 1.6650 resistance with initial target at 1.6685.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6630, with support below at 1.6608, 1.6575, and 1.6553 with resistance above at 1.6663, 1.6685, and 1.6718. Hourly Moving Averages are largely bullish, with the 200SMA at 1.6552, and the daily 20EMA bullish at 1.6594. Hourly RSI is neutral at 50.