GBP/USD still hesitating on the direction

By FXstreet.com | Updated August 15, 2014 AAA

FXStreet (Moscow) - GBP/USD opened the day at 1.6683, and tried to edge higher in Asia reaching 1.6694, but retreated to 1.6680 by the moment.



Soothing the bulls’ soul



The pair is pressured by too many factors, but the key one is that the BOE won’t have any reasons to speed up the monetary tightening. In these circumstances even the better than expected UK GDP data may hardly help the pair to show a full-blown recovery. However, the numbers still may have the opportunity to sooth the injured bulls’ soul in case of expectations exceeding. Numbers above 3.1% on yearly basis may support the pair move up with initial target at 1.6704 resistance.



What are today’s key GBP/USD levels?



Today's central pivot point can be found at 1.6680, with support below at 1.6661, 1.6637 and 1.6618 with resistance above at 1.6704, 1.6723, and 1.6747. Hourly RSI is bullish at 53, while hourly Moving Averages are largely bearish, with the 200SMA bearish at 1.6793, and the daily 20EMA bearish at 1.6869.



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