GBP/USD positions above 1.68 supported by weaker EMU data

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Moscow) - GBP/USD started the day at 1.6787, and is gradually climbing higher reaching 1.6823 by the moment.



More data wanted



The pound was a star yesterday as the unemployment data confirmed the British labor market is on the way to recovery at decent speed. However, the break above 1.68 is not an easy task, as the market needs even more strong evidence in order to price in the expectations of looming tightening from the BOE. Today the European economic calendar is practically empty, thus, the attention will be on American session with US retail sales in store. The initial target to the upside may be at 1.6821 resistance, while the downside may be capped by support at 1.6779.



What are today’s key GBP/USD levels?



Today's central pivot point can be found at 1.6779, with support below at 1.6747, 1.6705, 1.6673 with resistance above at 1.6821, 1.6853, and 1.6895. Hourly Moving Averages are bullish, with the 200SMA at 1.6772, and the daily 20EMA flat at 1.6791. Hourly RSI is bullish at 36.



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