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12 Mar 2014
GBP/USD will get no Trade balance today
FXStreet (Moscow) - GBP/USD is showing some attempts to recover starting the day 1.6625 and reaching 1.6636 session high by the moment.
GBP/USD may turn around
The pound put a brave face even after the series of disappointing developments. First we saw negative M&A flows, then weak Industrial Production data followed, and today’s Trade Balance is under question, as it could have brought some negative surprises as well. Nevertheless, it was reported the release is re-scheduled for March, 14, leaving the pair without fundamental catalysts. Now it’s time to turn to technical picture. The fact that the pair is not far away from 5-year highs in current situation may become the argument against the pound rise, as the number of longs is at extremely high levels, and the sell-off may be sharp and significant. The initial target in this case may be at 1.6590 support level with 1.6563 to follow.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6622, with support below at 1.6590, 1.6563 and 1.6531, with resistance above at 1.6649, 1.6681, and 1.6708. Hourly Moving Averages are largely bearish, with the 200SMA at 1.6692, and the daily 20EMA flat at 1.6645. Hourly RSI is neutral at 45.
GBP/USD may turn around
The pound put a brave face even after the series of disappointing developments. First we saw negative M&A flows, then weak Industrial Production data followed, and today’s Trade Balance is under question, as it could have brought some negative surprises as well. Nevertheless, it was reported the release is re-scheduled for March, 14, leaving the pair without fundamental catalysts. Now it’s time to turn to technical picture. The fact that the pair is not far away from 5-year highs in current situation may become the argument against the pound rise, as the number of longs is at extremely high levels, and the sell-off may be sharp and significant. The initial target in this case may be at 1.6590 support level with 1.6563 to follow.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6622, with support below at 1.6590, 1.6563 and 1.6531, with resistance above at 1.6649, 1.6681, and 1.6708. Hourly Moving Averages are largely bearish, with the 200SMA at 1.6692, and the daily 20EMA flat at 1.6645. Hourly RSI is neutral at 45.