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Sep 4, 2014
GBP/USD may get inspired by cross moves
FXStreet (Moscow) - GBP/USD started at 1.6460 on Thursday, consolidated in Asia, and moved lower to test 1.6445 support in the European morning.
Doves and hawks balance
The pound was not able to hold onto its post-PMI gains as two positive reports were not enough to convince the market the British recovery is going on at the same pace. Today’s BOE meeting will most probably become another non-event, as the monetary authorities made it clear they were in no rush to tighten. However, the minutes released in two weeks may be of interest, as the doves and hawks balance will probably be different. Given the lack of catalysts from the UK, the pair may get inspiration from EUR/GBP cross on the ECB meeting outcome.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6467, with support below at 1.6434, 1.6408, and 1.6375 with resistance above at 1.6493, 1.6526, and 1.6552. Hourly Moving Averages are largely bearish, with the 200SMA flat at 0.7993 and the daily 20EMA bearish at 1.6640. Hourly RSI is bearish at 51.
Doves and hawks balance
The pound was not able to hold onto its post-PMI gains as two positive reports were not enough to convince the market the British recovery is going on at the same pace. Today’s BOE meeting will most probably become another non-event, as the monetary authorities made it clear they were in no rush to tighten. However, the minutes released in two weeks may be of interest, as the doves and hawks balance will probably be different. Given the lack of catalysts from the UK, the pair may get inspiration from EUR/GBP cross on the ECB meeting outcome.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6467, with support below at 1.6434, 1.6408, and 1.6375 with resistance above at 1.6493, 1.6526, and 1.6552. Hourly Moving Averages are largely bearish, with the 200SMA flat at 0.7993 and the daily 20EMA bearish at 1.6640. Hourly RSI is bearish at 51.