GBP/USD is showing shy steps up above 1.6870

By FXstreet.com | August 04, 2014 AAA

FXStreet (Moscow) - GBP/USD opened the day at 1.6860, posted 1.6872 session high, trading at 1,6866 at the moment.



Hope is still alive



As we warned yesterday, the market has been slow in reactions recently. It was with Mortgage Approvals, and it repeated with Construction PMI supporting the pound rise 30 pips higher by the end of the day. We need to see one more positive PMI report from service sector, and the market will believe in the British economy strength again. If so, the pound may go on rising with initial target at 1.6898 resistance.



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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