GBP/USD recovered on UK data, but without excitement

By FXstreet.com | June 10, 2014 AAA

FXStreet (Moscow) - GBP/USD touched 1.6779 session low before the release, and completely offset the move when the UK report was published, trading at 1.6808 at the moment.



The only star



Stronger than expected data out of UK helped the pair rebound after the initial slide down to 1.6779. The Industrial production was a little bit higher than expected 0.4% m/m vs 0.3% and 3.0% y/y vs. 2.7% forecast. However, the market was waiting for something more surprising and exciting, as these positive data is not enough to convince the BOE to change the monetary policy direction. The initial target to the upside may be at 1.6829, and the downside is limited by 1.6780 support.



What are today’s key GBP/USD levels?



Today's central pivot point can be found at 1.6807, with support below at 1.6780, 1.6758, 1.6731 with resistance above at 1.6829, 1.6856, and 1.6878. Hourly Moving Averages are bullish, with the 200SMA at 1.6759, and the daily 20EMA flat at 1.6795. Hourly RSI is bullish at 53.



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