OctaFX | OctaFX Forex Broker
Open trading account
Back

GBP/USD retreated below 1.64 again, but new attacks in store

FXStreet (Moscow) - GBP/USD opened the trades at 1.6388, hit 1.6412 Asian high, but retreated to current 1.6385 area.

US data is the key

Although the recovery of the pound is still fragile, and the pace of climbing is very slow, the rise above 1.64 round number is not ruled even on the back of empty British calendar. The key reason of the current pair strengthening may be rather rooted in USD weakness, than in the cable strength. If so, the looming New Home Sales report out of the USA may have significant impact on the pair, provided the data fails to meet the expectations. The initial target to the upside may be found at 1.6436.

What are today’s key GBP/USD levels?

Today's central pivot point can be found at 1.6370, with support below at 1.6322, 1.6256, and 1.6208, with resistance above at 1.6436, 1.6484, and 1.6550. Hourly Moving Averages are bullish, with the 200SMA at 1.6309, and the daily 20EMA bearish at 1.6379. Hourly RSI is bearish at 52.

EUR/JPY further pullbacks not ruled out – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the cross could still retreat to the 139.10/138.50 band...
Read more Previous

NZD/USD potential drop to 0.8000 – Westpac

Strategists at Westpac see the pair hitting the key barrier at 0.8000 within the next month....
Read more Next
Start livechat