GBP/USD has two factors of pressure

By FXstreet.com | Updated August 08, 2014 AAA

FXStreet (Moscow) - GBP/USD opened at 1.6831, reached 2-month low at 1.6800, and rebounded to 1.6815 by the moment.



Waiting for Trade Data



The pair as we expected took the yesterday’s ECB meeting as the key for movements, and reacted to the news through EUR/GBP direction. The initial attempt of the cross to break above 0.7950, put the pound under pressure. And even the following slide to 0.7930 didn’t help GBP/USD to recover all the losses. The risk aversive moods is another factor of pressure for the pair. Trade Balance data is on tap for today, and really good numbers are needed for the pair to recover with initial target at 1.6840 pivot point.



What are today’s key GBP/USD levels?



Today's central pivot point can be found at 1.6840, with support below at 1.6816, 1.6798 and 1.6774 with resistance above at 1.6858, 1.6882, and 1.6900. Hourly Moving Averages are bearish, with the 200SMA at 1.6879, and the daily 20EMA bearish at 1.6951. Hourly RSI is bearish at 35.



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