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22 Apr 2014
GBP/USD is on Monday’s path
FXStreet (Moscow) - Currently, GBP/USD was trading within 15-pip range in the morning, but recovered from 1.6784 session low to 1.6811.
M&A flows support the pound…again
The pound is one of the most desirable currencies among forex traders, as the latest data supports the view the BOE will have to tighten the monetary policy sooner rather than later. Some investors even price-in the possibility of rate hike this year. Although the chances of such an outcome are quite low at the moment, there some other arguments in favor of the pound buying. The rumors on Pfizer and AstraZeneca in the middle of talks on industry giant creation may support the interest to the cable, since the 50 bln stg deal is expected. If so, the initial target of the pound may be at 1.6813 resistance, followed by 1.6851.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6798, with support below at 1.6775, 1.6760, 1.6737 with resistance above at 1.6813, 1.6836, and 1.6851. Hourly Moving Averages are mixed, with the 200SMA at 1.6771, and the daily 20EMA bullish at 1.6710. Hourly RSI is bearish at 47.
M&A flows support the pound…again
The pound is one of the most desirable currencies among forex traders, as the latest data supports the view the BOE will have to tighten the monetary policy sooner rather than later. Some investors even price-in the possibility of rate hike this year. Although the chances of such an outcome are quite low at the moment, there some other arguments in favor of the pound buying. The rumors on Pfizer and AstraZeneca in the middle of talks on industry giant creation may support the interest to the cable, since the 50 bln stg deal is expected. If so, the initial target of the pound may be at 1.6813 resistance, followed by 1.6851.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6798, with support below at 1.6775, 1.6760, 1.6737 with resistance above at 1.6813, 1.6836, and 1.6851. Hourly Moving Averages are mixed, with the 200SMA at 1.6771, and the daily 20EMA bullish at 1.6710. Hourly RSI is bearish at 47.