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2 Apr 2014
GBP/USD - dreams didn’t come true
FXStreet (Moscow) - GBP/USD tried to rally on PMI data reaching 1.6663 high, but worse than expected figures limited the move up.
And again PMI
Fueled by expectations of strong PMI data the cable took the offers around 1.6650, and reached 1.6663 high, but as soon as we got the numbers, the inspiration evaporated, and the pair returned back to 1.6650 area. March UK Markit/CIPS construction PMI came out at 62.5 vs 63.0 expected, lower from 62.6 in February, showing the third month of sliding in a row. Although this is a second-tier data, the market still desired to get additional catalyst to move the pair higher. Failed. Now all eyes on US ADP numbers, and this time positive outcome may send the pair to 1.6607 support level.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6641, with support below at 1.6607, 1.6583, and 1.6549 with resistance above at 1.6665, 1.6699, and 1.6723. Hourly Moving Averages are mixed, with the 200SMA at 1.6572, and the daily 20EMA bullish at 1.6603. Hourly RSI is neutral at 42.
And again PMI
Fueled by expectations of strong PMI data the cable took the offers around 1.6650, and reached 1.6663 high, but as soon as we got the numbers, the inspiration evaporated, and the pair returned back to 1.6650 area. March UK Markit/CIPS construction PMI came out at 62.5 vs 63.0 expected, lower from 62.6 in February, showing the third month of sliding in a row. Although this is a second-tier data, the market still desired to get additional catalyst to move the pair higher. Failed. Now all eyes on US ADP numbers, and this time positive outcome may send the pair to 1.6607 support level.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6641, with support below at 1.6607, 1.6583, and 1.6549 with resistance above at 1.6665, 1.6699, and 1.6723. Hourly Moving Averages are mixed, with the 200SMA at 1.6572, and the daily 20EMA bullish at 1.6603. Hourly RSI is neutral at 42.