GBP/USD got under pressure after failure around 1.6860

By FXstreet.com | August 06, 2014 AAA

FXStreet (Moscow) - GBP/USD opened at 1.6850, reached 1.6862 session high, but slid to 1.6836, when failed to break higher.



Working on cross moves



The pair unfortunately was not able to recover above 1.69 area on strong PMIs and was pushed back by weak IP data. Even the broad-based sell-off of the USD didn’t help the pound. Today we won’t see any market movers from the UK, and the investors will focus their attention on the ECB meeting. The only way the pair may start moving is through EUR/GBP cross, and only if we see significant reactions on its side. The downside of the pound may be limited by 1.6821, and the upside - by 1.6887 resistance.



What are today’s key GBP/USD levels?



Today's central pivot point can be found at 1.6855, with support below at 1.6821, 1.6789 and 1.6755 with resistance above at 1.6887, 1.6921, and 1.6953. Hourly Moving Averages are largely flat, with the 200SMA bearish at 1.6898, and the daily 20EMA bearish at 1.6964. Hourly RSI is bearish at 47.



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