FXStreet (Moscow) - GBP/USD opened the day at 1.6688, and continued to edge lower posting 4-month low at 1.6669, and trading just above 1.6670 at the moment.

Life without hope

Now the pound lives without hope and without fuel for the rise. All tests were failed, and Mr Carney told the market explicitly that there are no reasons to hurry up with rate hikes given the ‘heightened uncertainty’ about the slack in the British economy, and in wages and productivity in particular. No wonder the pair failed to recover even on worse than expected US data, and, moreover, the slide down may resume again. However, there is possibility the bottom is not far away from here, as the pair may just return to the levels when everything started – when the market started to price in the possibility of earlier than expected rate hike. If we take mid April as the starting point of this process, the bottom may lie not lower than 1.6660.

What are today’s key GBP/USD levels?

Today's central pivot point can be found at 1.6740, with support below at 1.6633, 1.6579 and 1.6472 with resistance above at 1.6794, 1.6901, and 1.6955. Hourly RSI is bearish at 31, while hourly Moving Averages are largely bearish, with the 200SMA bearish at 1.6811, and the daily 20EMA bearish at 1.6889.

Related Articles
  1. Forex Education

    Four Currencies Under the Spotlight in 2016

    With currencies having become the “tail that wags the dog,” in terms of their impact on the global economy, these four currencies will be under the spotlight in 2016.
  2. Forex Fundamentals

    These Currencies Are The Biggest Losers Of The Stock Downturn

    Here’s a list of the hardest-hit currencies amid the global stock market mayhem.
  3. Forex Strategies

    Will the Euro Continue to Rally? (EUO)

    The euro is rallying. Should investors chase this performance or is the real opportunity on the other side of the trade?
  4. Investing News

    China’s Forex Reserves Dropped Significantly

    China’s forex​ reserves dropped by a record $93.9 billion at the end of August to $3.56 trillion because the Central Bank has been selling dollars to provide a cushion to the falling yuan​
  5. 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.
  6. 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.
  7. 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 ...
  8. Forex

    Top U.S Forex News Sites

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

    Financial News Comparison: Bloomberg Vs. Reuters (BAC, GOOG)

    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.
  10. 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.
Trading Center