GBP/USD is fighting with 1.6830 area

By FXstreet.com | August 04, 2014 AAA

FXStreet (Moscow) - GBP/USD opened at 1.6821, slid to 1.6815, and rebounded to 1.6830 at the moment.



Data-dependant pound



The pound is in interesting position right now – it looks oversold given 13 days of falling in a row. However, the economic indicators started to show signs of cooling after a long stretch of really strong data from the UK. The recent Manufacturing PMI was a bad surprise, and there could be even more disappointment ahead with Construction and Service indexes scheduled for release this week. Thus, the ability of the pound to rally may depend on data in short-term, and released in a couple of hours construction PMI is in focus.



What are today’s key GBP/USD levels?



Today's central pivot point can be found at 1.6843, with support below at 1.6792, 1.6762 and 1.6711 with resistance above at 1.6873, 1.6924, and 1.6954. Hourly Moving Averages are largely bearish, with the 200SMA bearish at 1.6957, and the daily 20EMA bearish at 1.6997. Hourly RSI is bearish at 40.



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