GBP/USD rushed back to 1.7130 depressed and disappointed

By FXstreet.com | July 09, 2014 AAA

FXStreet (Moscow) - GBP/USD opened the day at 1.7156 reached session high at 1.7167, but tumbled to 1.7130 area by the moment.

Another non-event

The pair came under mild pressure after the failure to break above 1.7170 area. Although the BOE meeting is a significant economic event, it’s been a long time since we saw any changes in the monetary policy of the regulator, and thus any reactions of the currencies. This time most probably will be not an exception, as the recent comments from officials confirm the central bank’s devotion to unchanged stance. However, the released two weeks later minutes of the meeting may be of interest, as some investors already price-in the possibility of divergence between the MPC members. Today the pair may continue its range-bounding. The initial target to the upside currently may lie at 1.7181, while the nearest support comes at 1.7113.

What are today’s key GBP/USD levels?

Today's central pivot point can be found at 1.7138, with support below at 1.7113, 1.7070, and 1.7045 with resistance above at 1.7181, 1.7206, and 1.7249. Hourly Moving Averages are bullish, with the 200SMA at 1.7129, and the daily 20EMA bullish at 1.7053. Hourly RSI is bullish at 59.

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