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Forex pairs in this Article » GBP/USD (Barcelona) - GBP/USD ranged overnight following yesterdays FOMC rollercoaster, where spot soared to post an annual high at 1.6484 before easing back to where it is presently trading at 1.6373.

One way traffic for Cable yesterday

The unanimous MPC decision to hold rates at 0.25% and better than expected Unemployment numbers saw GBP/USD climb steadily through the trading day in the build up to the FOMC decision to taper by $10bln a month. The immediate aftermath saw spot extremely volatile, dropping to 1.6341, before spiking higher to 1.6484, and then gently declining to its overnight range between 1.6394-67. Gerry Davies of FXBeat believes we could be witnessing the start of a range between 1.62-65. UK Retail Sales for November are the main economic event of the day for the pair, MoM expected at 0.3% and YoY 2.3%.

What are today’s key GBP/USD levels?

Hourly RSI sits at 56 and is ranging, with ADX at 17. The hourly 200 SMA sits at 1.6357, sloping higher, alongside the 20D EMA, which is neutral at 1.6300. The daily pivot point sits at 1.6379, and upcoming support and resistance can be found at 1.6273 (S1) and 1.6499 (R2). An option barrier is reportedly attached to 1.6500, with standing orders noted ahead of the psychological level. Support can be seen through bids between 1.6300-6260.
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