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Forex pairs in this Article » GBP/USD (Moscow) - GBP/USD rushed above 1.6600 on stops triggered at 1.6680 and reached the intraday high at 1.6618

The Courageous Pound

GBP/USD was quiet during early Asian hours after good upside run on Monday, though things changed as the currency pair managed to move through selling interest above 1.6580, where the stops triggered and pushed it through the key resistance of 1.6600. The cross has reached the current intraday high at 1.6618 and now is trying to return to 1.6600. Sure enough this is a pure technical play, enhanced by the expectations of good UK GDP numbers published today during European hours. Should the GBP/USD manages to stabilize above 1.6600, we may see it even higher, provided the data meets or exceeds expectations. The potential of such outcome is quite high, given the series of very strong PMI indicators, positive developments at housing market, and strong consumer spending during the last quarter of the previous year. Thus, we expect the pair to go north with initial target at 1.6650/60 resistance level.

What are today’s key GBP/USD levels?

Today's central pivot point can be found at 1.6549, with support below at 1.6508, 1.6433 and 1.6392, with resistance above at 1.6624, 1.6665, and 1.6740. Hourly Moving Averages are bullish, with the 200SMA at 1.6469, and the daily 20EMA bullish at 1.6457. Hourly RSI is neutral at 66.
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