GBP/USD has no idea what to do after UK data

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Moscow) - GBP/USD is confused after the release of UK data, trading at 0.7018 with no idea where to go now.



How to trade on this?



The UK Retail Sales proved to be complicated for analyses, as sales excluding fuel were better than expected (-0.5% vs -0.6%), but the headline yoy number declined to 3.9% from 6.9% in April, and vs 4.3% expected. What’s more food inflation indicator is the lowest since March, 2006 pointing to subdued price pressure ahead. The pound was able to touch 1.7025 just before the release, and retreated to 1.7010 area at the moment.



What are today’s key GBP/USD levels?



Today's central pivot point can be found at 1.6973, with support below at 1.6941, 1.6889, 1.6857 with resistance above at 1.7025, 1.7057, and 1.7109. Hourly Moving Averages are bullish, with the 200SMA at 1.6880, and the daily 20EMA bullish at 1.6861. Hourly RSI is bullish at 60.



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