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.



Related Articles
  1. Forex

    The Pros and Cons of a Fully Convertible Rupee

    Amid the rising economic power of India, the talks of making the Indian currency fully convertible are gaining momentum. We look at the pros and cons.
  2. Forex Fundamentals

    Chinese Yuan an Unlikely Reserve Currency

    As the world's second largest economy, China's challenge to America’s dominance includes a push to make the yuan (RMB), the world’s reserve currency. Whether it can do that now is unclear.
  3. Economics

    How Currency Enforcement Helped Sink The Trans-Pacific Partnership (TTP)

    One particular barrier to trade that has received much attention of late and caused delays in negotiations of the TPP is exchange-rate manipulation, by which a country artificially devalues its ...
  4. Forex

    Top U.S Forex News Sites

    Breaking news moves forex markets. Here are the top U.S. sites for tracking forex news.
  5. Investing

    Financial News Comparison: Bloomberg Vs. Reuters

    Access to financial information has grown with the expansion of digital news. Bloomberg and Thomson Reuters lead the pack, claiming a majority of the business information market.
  6. Economics

    Who Benefits From South Korea's Lowered Interest Rates?

    South Korea is the latest country to cut interest rates in an attempt to stimulate economic growth.
  7. Forex Education

    The Top Uses For P2P Currency Exchange

    Peer-to-peer (P2P) currency exchange networks offer a viable and cheaper alternative for buying and selling currencies.
  8. Forex

    Steps To Open An Offshore Forex Account

    Here is a simple breakdown of how to open an offshore forex account for US-based users, including legal requirements.
  9. Entrepreneurship

    Top Forex Trading Apps

    A brief overview of the top apps that help forex traders with on time information, charts and more.
  10. Investing Basics

    The Risks Of Buying Bitcoin

    Virtual currency is probably here to stay, but what about Bitcoin specifically? Does it have a first-to-market advantage? What are the risks involved?
RELATED TERMS
  1. No results found.

You May Also Like

COMPANIES IN THIS ARTICLE
Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!