3 Feb 2014
GBP/USD got hit by positive EMU data through EUR/GBP assistance
FXstreet.com (Moscow) - GBP/USD rushed to 1.6382 level on first signs of positive news from euro zone states.
Some more PMI data in store
The released by now EMU PMI data was largely positive proving the continued recovery of the Euro zone economy. This will be another argument for the ECB not to use any additional instruments for monetary stimulus during the coming ECB meeting scheduled for February, 6. Such a notion supported the demand on euro putting the additional pressure on the pound through EUR/GBP cross moves. Now the eyes on the UK PMI data – only this data may change the balance. If the numbers are better than expected, it may support the pair recovery with the initial target at 1.6455 resistance level. To the downside the support comes at 1.6382, and followed by 1.6337.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6455, with support below at 1.6382 (S1) and 1.6337 (S2), with resistance above at 1.6483 (R1), 1.6528 (R2), and 1.6556 (R3). Hourly Moving Averages are bearish, with the 200SMA at 1.6541, and the daily 20EMA flat at 1.6481. Hourly RSI is neutral at 36.
Some more PMI data in store
The released by now EMU PMI data was largely positive proving the continued recovery of the Euro zone economy. This will be another argument for the ECB not to use any additional instruments for monetary stimulus during the coming ECB meeting scheduled for February, 6. Such a notion supported the demand on euro putting the additional pressure on the pound through EUR/GBP cross moves. Now the eyes on the UK PMI data – only this data may change the balance. If the numbers are better than expected, it may support the pair recovery with the initial target at 1.6455 resistance level. To the downside the support comes at 1.6382, and followed by 1.6337.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6455, with support below at 1.6382 (S1) and 1.6337 (S2), with resistance above at 1.6483 (R1), 1.6528 (R2), and 1.6556 (R3). Hourly Moving Averages are bearish, with the 200SMA at 1.6541, and the daily 20EMA flat at 1.6481. Hourly RSI is neutral at 36.