GBP/USD is showing shy steps up above 1.6870

By FXstreet.com | Updated August 05, 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.



Related Forex Analysis
  1. Video: Event Risk Can Set Off Volatility, but Carry Trends?
    Forex News

    Video: Event Risk Can Set Off Volatility, but Carry Trends?

  2. GBP/USD Technical Analysis: Struggling to Mount Rebound
    Forex News

    GBP/USD Technical Analysis: Struggling to Mount Rebound

  3. Recap: The Good, the Bad and the Ugly US Dollar on today's session
    Forex News

    Recap: The Good, the Bad and the Ugly US Dollar on today's session

  4. Is Sterling making a come back? - FXStreet
    Forex News

    Is Sterling making a come back? - FXStreet

  5. Video: Breakout Risk for EURUSD, GBPUSD and USDJPY
    Forex News

    Video: Breakout Risk for EURUSD, GBPUSD and USDJPY

Trading Center