30 Jan 2014
GBP/USD took a pause to map out further direction
FXstreet.com (Moscow) - GBP/USD devoted its morning to 1.6560 level, not daring to deviate from it by more than 10 pips.
The pound is looking for external catalysts
Although the turmoil related to emerging markets receded in the morning, there is the chance to see another run out of risks in the nearest hours, as the possibility of contagion spreading still remains. The pound just copied the moves of the euro falling and rising on the same catalysts yesterday. It didn’t have any fundamental triggers for movements yesterday, neither will it have today. Thus, the pair may depend on EMU and US data, with equal chances for breakout of the roof or the bottom of the current 1.6546-1.6596 range.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6562, with support below at 1.6516 (S1), 1.6479 (S2) and 1.6433 (S3), with resistance above at 1.6599 (R1), 1.6645 (R2), and 1.6682 (R3). Hourly Moving Averages are largely bearish, with the 200SMA at 1.6507, and the daily 20EMA bullish at 1.6487. Hourly RSI is neutral at 45.
The pound is looking for external catalysts
Although the turmoil related to emerging markets receded in the morning, there is the chance to see another run out of risks in the nearest hours, as the possibility of contagion spreading still remains. The pound just copied the moves of the euro falling and rising on the same catalysts yesterday. It didn’t have any fundamental triggers for movements yesterday, neither will it have today. Thus, the pair may depend on EMU and US data, with equal chances for breakout of the roof or the bottom of the current 1.6546-1.6596 range.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6562, with support below at 1.6516 (S1), 1.6479 (S2) and 1.6433 (S3), with resistance above at 1.6599 (R1), 1.6645 (R2), and 1.6682 (R3). Hourly Moving Averages are largely bearish, with the 200SMA at 1.6507, and the daily 20EMA bullish at 1.6487. Hourly RSI is neutral at 45.