GBP/USD waits and sees to get new drivers

By FXstreet.com | July 20, 2014 AAA

FXStreet (Moscow) - GBP/USD opened at 1.7083, came closer to 1.71 area, but failed to break out, and retreated to 1.7090 area at the moment.



The pound may try again



Although the pair failed to stay above 1.71 last week, the week ahead may give the pound the reasons to come back to multi-year highs again. The scheduled for release MPC meeting minutes may show the first signs of divergence within the camp. If anybody of the members starts to voice the need to hurry up with tightening, it may help the pair rally again with initial target at 1.7124 resistance level. As for now, it looks like the markets are in ‘wait and see’ mode.



What are today’s key GBP/USD levels?



Today's central pivot point can be found at 1.7080, with support below at 1.7042, 1.6998, and 1.6960 with resistance above at 1.7124, 1.7162, and 1.7206. Hourly Moving Averages are mixed, with the 200SMA at 1.7119, and the daily 20EMA flat at 1.7083. Hourly RSI is bullish at 53.



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