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Forex pairs in this Article » GBP/USD (Moscow) - GBP/USD spent the Asian session in narrow 20-pip range 1.6350-1.6370 trying to break below the lower limit.

US CPI will help the pair to move

The pair is obviously skewed to downside after the data published overnight. The US PPI was the last straw that broke camel’s neck yesterday, sending it to 1.6321 low. Nevertheless, GBP/USD was able to recover part of the losses. Today the UK calendar is practically barren, thus the moves will depend on US data. The CPI release will be the key for FOMC meeting scheduled on January. If the price pressure rises more than expected, wait for another round of sell-off of the Pound with initial target at 1.6315 support level.

What are today’s key GBP/USD levels?

Today's central pivot point can be found at 1.6381, with support below at 1.6315 (S1), 1.6256 (S2) and 1.6190 (S3), with resistance above at 1.6440 (R1), 1.6506 (R2), and 1.6565 (R3). Hourly Moving Averages are bearish, with the 200SMA at 1.6422 and the daily 20EMA flat at 1.6416. Hourly RSI is neutral at 45.
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