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GBP/USD desperate to settle above 1.6100 pivot

FXStreet (Moscow) - GBP/USD is grinding high early in Asia as the pair started trading at 1.6106 and reached the Asian high at 1.6139 before sliding to current level of 1.6114.

Pound lives by Scottish laws

Cable made a feeble attempt to recover as Carney hinted on Spring 2015 rate hike, but traders hurried to sell it on growth. Today we are waiting for another important event that may influence the movements of the British currency. This is the inflation report hearings, where the Treasury committee will examine the situation. Hawkish comments might support cable for a short period of time, though it seems that the profound upside correction won’t happen until the Scotland referendum is over. From the technical point of view, the initial support is seen at 1.6100. Once it is broken, the downside may extend towards 1.6059 (yesterday’s low). The resistance lies at current intraday high at 1.6139 and followed by 1.6156.

What are today’s key GBP/USD levels?

Today's central pivot point can be found at 1.6108, with support below at 1.6057, 1.6009 and 1.5958 with resistance above at 1.6156, 1.6207, and 1.6255. Hourly Moving Averages are bearish, with the 200SMA bearish at 1.6398, and the daily 20EMA bearish at 1.6497. Hourly RSI is bullish at 53.

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