GBP/USD - first attempt failed

By FXstreet.com | July 07, 2014 AAA

FXStreet (Moscow) - GBP/USD started the day at 1.7125, reached session high at 1.7146, but retreated back soon.

Is the BOE unique?

The pair came under pressure on the wave of profit taking and reduction of extended long positions. Probably one of the catalysts for such move was reassessment of the BOE position as the only hawk on the stage. The recent US data proved to be strong enough to convince some financial institutions to move its Fed rate expectations forward, thus making the Bank of England not the unique “almost-hawk” among the colleagues. However, the market sentiment often changes, and even scheduled for today UK Industrial Data may support the pound again provided it comes out above expectations. The initial target to the upside lies at 1.7161, and to the downside – at 1.71.

What are today’s key GBP/USD levels?

Today's central pivot point can be found at 1.7135, with support below at 1.7100, 1.7074, and 1.7039 with resistance above at 1.7161, 1.7196, and 1.7222. Hourly Moving Averages are bearish, with the 200SMA at 1.7100, and the daily 20EMA bullish at 1.7032. Hourly RSI is bearish at 42.

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