GBP/USD is rushing back to 1.69 on surprisingly strong UK PMI

By FXstreet.com | August 05, 2014 AAA

FXStreet (Moscow) - GBP/USD slid from 1.6872 high, and came back to 1.6850 area before the UK PMI release; it moved to 1.6886 right after.



When PMI is out



The pair got some fuel for the rise from yesterday’s Construction PMI, and that was the reason the market was waiting Service PMI impatiently. The index came out at 59.1 vs 57.9 expected, confirming there is no broad-based slowing of economic growth in the UK. The pound rushed to 1.6884 right after the release, and the next target may lie at 1.6898.



What are today’s key GBP/USD levels?



Today's central pivot point can be found at 1.6847, with support below at 1.6830, 1.6796 and 1.6779 with resistance above at 1.6881, 1.6898, and 1.6932. Hourly Moving Averages are largely bullish, with the 200SMA bearish at 1.6932, and the daily 20EMA bearish at 1.6984. Hourly RSI is bullish at 65.



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