GBP/USD retreats scared of highs

By FXstreet.com | July 03, 2014 AAA

FXStreet (Moscow) - GBP/USD opened the day at 1.7163, and slid slightly in the morning trading around 1.7155 at the moment.



New records on tap



As soon as Marc Carney started to doubt he needs to hurry up with tightening, the PMI data reminded him of the strength of the economy growth. Two sectors (manufacturing and construction) have already beaten the forecasts, and if services sector follows the gang, we may see new multi-year highs with initial target at 1.7183 followed by 1.7201. This will be another reason for the MPC to believe the economy is in good shape, and is still working on it.



What are today’s key GBP/USD levels?



Today's central pivot point can be found at 1.7162, with support below at 1.7144, 1.7123, 1.7105 with resistance above at 1.7183, 1.7201, and 1.7222. Hourly Moving Averages are mixed, with the 200SMA at 1.7051, and the daily 20EMA bullish at 1.6992. Hourly RSI is bullish at 51.



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