GBP/USD got under pressure from Trade Balance

By FXstreet.com | July 10, 2014 AAA

FXStreet (Moscow) - GBP/USD was trading around 1.7130 before the release, and moved below 1.7120 right after.



Trade balance didn’t help



Although the key even for the pound for today is BOE meeting, we doubt that it triggers any significant moves, as the unchanged stance is highly probable. Thus, the just released Trade Balance data may become the only catalyst for the pound, and as the data showed worse than expected numbers at –stg9.204 bn from –stg9.00 bn forecasted, the pair moved to 1.7120. It only supports the view that British economy is still fragile in its recovery, and there are more arguments in favor of delayed tightening. The initial target to the downside is at 1.7070.



What are today’s key GBP/USD levels?



Today's central pivot point can be found at 1.7138, with support below at 1.7113, 1.7070, and 1.7045 with resistance above at 1.7181, 1.7206, and 1.7249. Hourly Moving Averages are bullish, with the 200SMA at 1.7129, and the daily 20EMA bullish at 1.7053. Hourly RSI is bullish at 59.



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