GBP/USD tried to follow the ‘happy move’ up, but failed

By FXstreet.com | July 11, 2014 AAA

FXStreet (Moscow) - GBP/USD posted session high at 1.7149, but slid back to 1.7125 area pressured by EUR/GBP moves.



Trade balance didn’t help



Cable followed the ‘Happy Europeans’ move up on stocks recovery and risk appetite regaining control. There were some rumors that Portuguese bank problems are confined and would hardly spark any broad based debt crises. As the Portuguese yields edge down, the pair reached 1.7149 high, though the move has limited nature due to contra forces from EUR/GBP cross. It has come back to 1.7125 area at the moment. The just released weaker than expected UK Construction Output only added the oil to the fire.



What are today’s key GBP/USD levels?



Today's central pivot point can be found at 1.7136, with support below at 1.7101, 1.7071, and 1.7036 with resistance above at 1.7166, 1.7201, and 1.7231. Hourly Moving Averages are bearish, with the 200SMA at 1.7139, and the daily 20EMA bullish at 1.7060. Hourly RSI is bullish at 47.



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