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Forex pairs in this Article » GBP/USD (Moscow) - GBP/USD is treading water at 1.6470 area scared of current highs, but not ready to fall.

Market has some good expectations on UK data

Although the overnight GBP moves looked quite boring, we do expect some interesting developments in the nearest hours. The UK data today will be the focus of currency market trades. Now, when we know the IMF revised the GDP forecast higher from 1.9 to 2.4 per cent, the release of better than expected labor report may trigger even more demand on the pound. The unemployment level is forecasted to fall down to 7.3 per cent, and if it comes out even lower, the pair is bound to break the nearest resistance level at 1.6507 with initial target at 1.6542.

What are today’s key GBP/USD levels?

Today's central pivot point can be found at 1.6453, with support below at 1.6418 (S1), 1.6364 (S2) and 1.6329 (S3), with resistance above at 1.6507 (R1), 1.6542 (R2), and 1.6596 (R3). Hourly Moving Averages are largely bullish, with the 200SMA and the daily 20EMA flat coincided at 1.6419. Hourly RSI is neutral at 61.
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