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Sep 9, 2014
GBP/USD made an attempt to rise on IP data, but…
FXStreet (Moscow) - GBP/USD came closer to 1.61 area before the UK data release, and moved to 1.6123 post the report, but retreated soon.
IP is out, Carney is in
The pound is drowning pressured by Scottish betrayal and USD strength. However, the just released UK Industrial production confirmed there is light at the end of the tunnel. The IP came out at 0.5% m/m, 1.7% y/y vs 0.2% m/m, 1.3% y/y expected, and the Manufacturing production met expectations at 0.3% m/m, 2.2% y/y. The pair moved to 1.6123 post the release, however, all eyes are on Mack Carney’s speech before the trade unions. Given the BOE focus on real wage growth, any comments on the matter may trigger the pound volatility. We need to hear the BOE strategy to raise wages and positive notes on labor market stance for the pound to surge.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6146, with support below at 1.6057, 1.6010 and 1.5921 with resistance above at 1.6193, 1.6282, and 1.6329. Hourly Moving Averages are bearish, with the 200SMA at 1.6443, and the daily 20EMA bearish at 1.6538. Hourly RSI is bearish at 37.
IP is out, Carney is in
The pound is drowning pressured by Scottish betrayal and USD strength. However, the just released UK Industrial production confirmed there is light at the end of the tunnel. The IP came out at 0.5% m/m, 1.7% y/y vs 0.2% m/m, 1.3% y/y expected, and the Manufacturing production met expectations at 0.3% m/m, 2.2% y/y. The pair moved to 1.6123 post the release, however, all eyes are on Mack Carney’s speech before the trade unions. Given the BOE focus on real wage growth, any comments on the matter may trigger the pound volatility. We need to hear the BOE strategy to raise wages and positive notes on labor market stance for the pound to surge.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6146, with support below at 1.6057, 1.6010 and 1.5921 with resistance above at 1.6193, 1.6282, and 1.6329. Hourly Moving Averages are bearish, with the 200SMA at 1.6443, and the daily 20EMA bearish at 1.6538. Hourly RSI is bearish at 37.