GBP/USD tried to test 1.68 support on weak Trade data

By FXstreet.com | August 08, 2014 AAA

FXStreet (Moscow) - GBP/USD traded at 1.6810 before the UK Trade data release, and moved to 1.6797 right after.



When trade is out



The pair stayed under pressure in the morning partly because of risk aversive moods, partly because of the stronger euro pressuring the pound through EUR/GBP cross. The market waited Trade Balance data to see if the deficit shows the rise for the fourth month in a row. The report showed stg-2.459B vs stg-2.418B previously confirming there is some slowing in economy evolving. The pair moved to 1.6797 right after the release, but the breakout didn’t succeed so far.



What are today’s key GBP/USD levels?



Today's central pivot point can be found at 1.6840, with support below at 1.6816, 1.6798 and 1.6774 with resistance above at 1.6858, 1.6882, and 1.6900. Hourly Moving Averages are bearish, with the 200SMA at 1.6879, and the daily 20EMA bearish at 1.6951. Hourly RSI is bearish at 35.



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