GBP/USD slid to 1.6910 area on disappointing Nationwide data

By FXstreet.com | Updated July 31, 2014 AAA

FXStreet (Moscow) - GBP/USD opened at 1.6909, edged higher to 1.6925, but reversed the move on disappointing Nationwide data.

US Labor may give a chance

The pair is gradually drifting lower with USD being obviously more popular than the pound. The lack of data out of UK only complicates the situation. Even the scheduled for release today Nationwide data were able to bring only slight sell-off, although came out much worse than expected. Now, the attention turns to American session where a bunch of labor market indicators will be released. The recent disappointment from ADP report means there is some chance to see weaker than expected Non-Farm readings on Friday. If Challenger’s data and Jobless Claims follow the move, it may give the pair chance to rebound with initial target at 1.6950 resistance.

What are today’s key GBP/USD levels?

Today's central pivot point can be found at 1.6919, with support below at 1.6883, 1.6852 and 1.6816 with resistance above at 1.6950, 1.6986, and 1.7017. Hourly Moving Averages are mixed, with the 200SMA bearish at 1.7006, and the daily 20EMA bearish at 1.7029. Hourly RSI is bullish at 50.

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