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7 Mar 2014
GBP/USD takes some rest at 1.6740
FXStreet (Moscow) - http://www.fxstreet.com/technical-studies/currencies/gbpusd/">GBP/USD retraced from Thursday highs above 1.6770 to 1.6740 area where quietly spent the morning.
GBP will take a look at NFP
The pound realizes there is nothing to react too in case of the ECB, thus after a short-term rise it retraced back to 1.6740 area, and took a pause trying to find a new catalyst. Since UK calendar is practically barren, the pair may focus on the Non-Farm Payrolls release. The market expects weak data, but still hopes for the best – the recent reaction to the positive Unemployment claims only support the view. Let’s be honest – the report is one of the least significant as a leading indicator of NFP outcome, but the market needs a hope, and it found it here. Thus, if today’s numbers disappoint, we may see a new wave of interest to the cable with initial target at 1.6782 resistance level.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6734, with support below at 1.6688, 1.6640 and 1.6594, with resistance above at 1.6782, 1.6828, and 1.6876. Hourly Moving Averages are largely bullish, with the 200SMA at 1.6692, and the daily 20EMA bullish at 1.6640. Hourly RSI is neutral at 53.
GBP will take a look at NFP
The pound realizes there is nothing to react too in case of the ECB, thus after a short-term rise it retraced back to 1.6740 area, and took a pause trying to find a new catalyst. Since UK calendar is practically barren, the pair may focus on the Non-Farm Payrolls release. The market expects weak data, but still hopes for the best – the recent reaction to the positive Unemployment claims only support the view. Let’s be honest – the report is one of the least significant as a leading indicator of NFP outcome, but the market needs a hope, and it found it here. Thus, if today’s numbers disappoint, we may see a new wave of interest to the cable with initial target at 1.6782 resistance level.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6734, with support below at 1.6688, 1.6640 and 1.6594, with resistance above at 1.6782, 1.6828, and 1.6876. Hourly Moving Averages are largely bullish, with the 200SMA at 1.6692, and the daily 20EMA bullish at 1.6640. Hourly RSI is neutral at 53.