GBP/USD is still depressed, even during Asian trades

By FXstreet.com | July 31, 2014 AAA

FXStreet (Moscow) - GBP/USD opened at 1.6880, edged higher to 1.6892, but reversed the move and slid below 1.6870 area by the moment.



Last chance to recover



The pound met some resistance around 1.69 area, and retreated a bit by the moment. The pair is still under pressure, and unfortunately the UK data doesn’t give the pound a chance to recover at least part of the losses. The recent news from the housing markets confirmed there was nothing to worry about. Now we need to see what Manufacturing PMI will say about the pace of UK growth. We need only strong data in order to see the broad recovery of the pound. In this case the initial target may be at 1.6923 resistance.



What are today’s key GBP/USD levels?



Today's central pivot point can be found at 1.6890, with support below at 1.6852, 1.6819 and 1.6781 with resistance above at 1.6923, 1.6961, and 1.6994. Hourly Moving Averages are bearish, with the 200SMA bearish at 1.6985, and the daily 20EMA bearish at 1.7016. Hourly RSI is bearish at 36.



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