GBP/USD is open for new lows on US data

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Moscow) - GBP/USD opened at 1.6942, edged higher to 1.6954, but slid back again below 1.6940.



When there are no arguments



The pair was depressed by the yesterday’s Mortgage data, but not immediately. The market was slow to realize that the last argument in favor of earlier tightening is gradually disappearing, as there are no signs of overheating housing market so far. Besides, another factor of pressure is strengthening USD, and this trend may go on, provided today we may get another bunch of better that expected reading out of the USA. The downside for the pair may be limited by 1.6919 support level.



What are today’s key GBP/USD levels?



Today's central pivot point can be found at 1.6957, with support below at 1.6919, 1.6894 and 1.6856 with resistance above at 1.6982, 1.7020, and 1.7045. Hourly Moving Averages are bearish, with the 200SMA at 1.7027, and the daily 20EMA bearish at 1.7042. Hourly RSI is bearish at 40.



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