9 Jul 2014
GBP/USD tried to refresh yesterday’s highs
FXStreet (Moscow) - GBP/USD opened the day at 1.7128, and moved higher to 1.7145 at European open.
All the reasons for the pound fall
Despite the current attempts to go higher, the pair looks overbought, and it is confirmed by the record number of longs from CFTC data on futures positions. That could be one of the reasons the pair retreated from recent multi-year highs. However, there could be some more factors of pressure on the pound. For example, the fear of the market that UK showed peak growth in the second quarter, and now will start to slow the pace. In this circumstance the pound may need to get more reports in order to define the further direction. Since no economic data out of the UK is scheduled for today, consolidation hours are not ruled out. The upside may be limited by 1.7160, and the downside – by 1.7096.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.7122, with support below at 1.7096, 1.7058, and 1.7032 with resistance above at 1.7160, 1.7186, and 1.7224. Hourly Moving Averages are mixed, with the 200SMA at 1.7115, and the daily 20EMA flat at 1.7042. Hourly RSI is bullish at 50.
All the reasons for the pound fall
Despite the current attempts to go higher, the pair looks overbought, and it is confirmed by the record number of longs from CFTC data on futures positions. That could be one of the reasons the pair retreated from recent multi-year highs. However, there could be some more factors of pressure on the pound. For example, the fear of the market that UK showed peak growth in the second quarter, and now will start to slow the pace. In this circumstance the pound may need to get more reports in order to define the further direction. Since no economic data out of the UK is scheduled for today, consolidation hours are not ruled out. The upside may be limited by 1.7160, and the downside – by 1.7096.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.7122, with support below at 1.7096, 1.7058, and 1.7032 with resistance above at 1.7160, 1.7186, and 1.7224. Hourly Moving Averages are mixed, with the 200SMA at 1.7115, and the daily 20EMA flat at 1.7042. Hourly RSI is bullish at 50.