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20 May 2014
GBP/USD is getting ready for a good rally
FXStreet (Moscow) - GBP/USD is rather apprehensive ahead of inflation data as the pair rebounded from the pivotal support of 1.6800 and climbed to 1.6815
The pound is a star
Although the economic calendar for the week ahead is practically barren, the UK will be the one to keep the market moving. Today, the pound will become a star again, as the inflation data is on tap. Although the recently released Inflation Report data confirmed the BOE didn’t expect any changes in the price trend of the economy, there are still chances to see stronger than expected reading due to booming housing market. And if so, it may help the pair to resume the rise with initial target at 1.6845 resistance level.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6822, with support below at 1.6797, 1.6771, and 1.6756 with resistance above at 1.6838, 1.6863, and 1.6879. Hourly Moving Averages are largely mixed, with the 200SMA at 1.6852, and the daily 20EMA flat at 1.6825. Hourly RSI is bearish at 46.
The pound is a star
Although the economic calendar for the week ahead is practically barren, the UK will be the one to keep the market moving. Today, the pound will become a star again, as the inflation data is on tap. Although the recently released Inflation Report data confirmed the BOE didn’t expect any changes in the price trend of the economy, there are still chances to see stronger than expected reading due to booming housing market. And if so, it may help the pair to resume the rise with initial target at 1.6845 resistance level.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6822, with support below at 1.6797, 1.6771, and 1.6756 with resistance above at 1.6838, 1.6863, and 1.6879. Hourly Moving Averages are largely mixed, with the 200SMA at 1.6852, and the daily 20EMA flat at 1.6825. Hourly RSI is bearish at 46.