GBP/USD got another disappointment and slid to 1.6570

By FXstreet.com | Updated August 21, 2014 AAA

FXStreet (Moscow) - GBP/USD climbed higher to 1.6596 before the UK Retail Sales release, and slid to 1.6570 post the report.



Retail Sales out



The pound rebounded from the Asian lows and tried to go back to 1.66 area before the Retail Sales data came out. The report showed the rise of consumption demand by not impressive 0.1% mom, and 2.6% yoy vs 0.4% mom, and 3.0% yoy expected, triggering the new stage of the pound weakness. The recent MPC minutes gave the pound a hope for recovery, however, more positive surprises are needed to see a full-blown rally. The USD strength also remains a headwind for the pair movement. The initial target to the downside may lie at 1.6532.



What are today’s key GBP/USD levels?



Today's central pivot point can be found at 1.6622, with support below at 1.6532, and 1.6474, with resistance above at 1.6654, 1.6712 and 1.6744. Hourly Moving Averages are bearish, with the 200SMA at 1.6707 and the daily 20EMA bearish at 1.6798. Hourly RSI is bearish at 45.



You May Also Like

Related Forex Analysis
  1. Recap: The Good, the Bad and the Ugly US Dollar on today's session
    Forex News

    Recap: The Good, the Bad and the Ugly US Dollar on today's session

  2. Is Sterling making a come back? - FXStreet
    Forex News

    Is Sterling making a come back? - FXStreet

  3. Video: Breakout Risk for EURUSD, GBPUSD and USDJPY
    Forex News

    Video: Breakout Risk for EURUSD, GBPUSD and USDJPY

  4. GBP/USD 20 DMA and Channel Serve as Reference Points
    Forex News

    GBP/USD 20 DMA and Channel Serve as Reference Points

  5. GBP/USD recovering in over bearishly steep channel
    Forex News

    GBP/USD recovering in over bearishly steep channel

Trading Center