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21 May 2014
GBP/USD is knocking at 1.6850 resistance
FXStreet (Moscow) - GBP/USD took off from the Asian low of 1.6830 and poked at the local resistance at 1.6850
Skip the minutes, look at retails
Today we will get the BOE meeting minutes, and retail sales report, and while the former may be a non-event given the clear neutral position of the monetary authorities, the latter may be of interest. The regulator has long been convincing the market in fragile nature of the current recovery, but the fundamentals signal of the opposite. If today’s release confirms the strong consumer demand, it may help the pair to continue the recovery with initial target at 1.6850 resistance level.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6836, with support below at 1.6805, 1.6777, and 1.6740 with resistance above at 1.6870, 1.6901, and 1.6935. Hourly Moving Averages are largely bullish, with the 200SMA at 1.6837, and the daily 20EMA flat at 1.6826. Hourly RSI is bullish at 61.
Skip the minutes, look at retails
Today we will get the BOE meeting minutes, and retail sales report, and while the former may be a non-event given the clear neutral position of the monetary authorities, the latter may be of interest. The regulator has long been convincing the market in fragile nature of the current recovery, but the fundamentals signal of the opposite. If today’s release confirms the strong consumer demand, it may help the pair to continue the recovery with initial target at 1.6850 resistance level.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6836, with support below at 1.6805, 1.6777, and 1.6740 with resistance above at 1.6870, 1.6901, and 1.6935. Hourly Moving Averages are largely bullish, with the 200SMA at 1.6837, and the daily 20EMA flat at 1.6826. Hourly RSI is bullish at 61.