GBP/USD: It’s not the end yet

By FXstreet.com | June 12, 2014 AAA

FXStreet (Moscow) - GBP/USD took a pause at 1.6960 resistance after a head-spinning rise on the back of Mark Carney next to explicit promise to rise rates soon. The bluish momentum remains strong.

Per aspera ad astra

Mark Carney made a show late in New York on Thursday, so since there is no significant data out of the UK scheduled for release today, the pair may tbe influenced by market speculation on BOE expected rate hike. GBP might continue growing as investors start to adjust their expectations. The euro zone regional CPI data may confirm the deflationary developments in the euro zone region, and this may revive the speculations on QE introduction in the nearing meetings. If so, it may also help the pair to move up coming closer to May highs. The initial target to the upside is at 1.6700 resistance level, while the downside may be capped by 1.6930.

What are today’s key GBP/USD levels?

Today's central pivot point can be found at 1.6882, with support below at 1.6833, 1.6736, and 1.6687 with resistance above at 1.6969, 1.7028, and 1.7125. Hourly Moving Averages are bullish, with the 200SMA at 1.6782, and the daily 20EMA flat at 1.6804. Hourly RSI is bullish at 83.

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