GBP/USD - key supports are popular today

By FXstreet.com | Updated August 20, 2014 AAA

FXStreet (Moscow) - In early trading, GBP/USD drifted lower, approaching the USD1.66 support, but rebounded to USD1.6612.



Battle of the minutes



The pound has seen some selling against the dollar the effects of data released yesterday, with weaker-than-expected UK CPI, and stronger-than-expected US housing data. However, a breakout from the strong support around USD1.66 is unlikely without a catalyst.



Today there will be a battle of the BOE, and the FOMC minutes, both being scrutinised for signs of hawkish dissent from their voting members. The initial target to the upside may lie at USD1.6673, and the downside may be limited by USD1.6575.



What are today’s key GBP/USD levels?



Today's central pivot point can be found at 1.6632, with support below at 1.6575, 1.6534 and 1.6456 with resistance above at 1.6673, 1.6715, and 1.6757. Hourly Moving Averages are bearish, with the 200SMA at 1.6733, and the daily 20EMA bearish at 1.6818. Hourly RSI is bearish at 21.



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