FXStreet (Moscow) - GBP/USD the pair was very reserved during Asian session spending the time around open level at 1.6990, but European open helped the pair cross 1.70 level, and move a bit higher.

Minutes were not that bad

Despite the unchanged stance of the BOE which was confirmed by yesterday’s minutes, there are still some hints in the text that may convince the traders in more aggressive stance of the monetary authorities. First, the BOE said that it was surprised at low probability of a 2014 rate rise being priced in. And second, the regulator already weighs the consequences of earlier than expected rate rise. This two moments may support the interest to the pound in the nearest term, and may give even more strength to the currency right before the next BOE meeting. For now, the pair is trading at 1.6990 with initial target to the upside at 1.7025.

What are today’s key GBP/USD levels?

Today's central pivot point can be found at 1.6973, with support below at 1.6941, 1.6889, 1.6857 with resistance above at 1.7025, 1.7057, and 1.7109. Hourly Moving Averages are bullish, with the 200SMA at 1.6880, and the daily 20EMA bullish at 1.6861. Hourly RSI is bullish at 60.

Related Articles
  1. Investing News

    China’s Forex Reserves Dropped Significantly

    China’s forex​ reserves dropped by a record $93.9 billion at the end of August to $3.56 trillion because the Central Bank has been selling dollars to provide a cushion to the falling yuan​
  2. Forex

    The Pros and Cons of a Fully Convertible Rupee

    Amid the rising economic power of India, the talks of making the Indian currency fully convertible are gaining momentum. We look at the pros and cons.
  3. Forex Fundamentals

    Chinese Yuan an Unlikely Reserve Currency

    As the world's second largest economy, China's challenge to America’s dominance includes a push to make the yuan (RMB), the world’s reserve currency. Whether it can do that now is unclear.
  4. Economics

    How Currency Enforcement Helped Sink The Trans-Pacific Partnership (TTP)

    One particular barrier to trade that has received much attention of late and caused delays in negotiations of the TPP is exchange-rate manipulation, by which a country artificially devalues its ...
  5. Forex

    Top U.S Forex News Sites

    Breaking news moves forex markets. Here are the top U.S. sites for tracking forex news.
  6. Investing

    Financial News Comparison: Bloomberg Vs. Reuters

    Access to financial information has grown with the expansion of digital news. Bloomberg and Thomson Reuters lead the pack, claiming a majority of the business information market.
  7. Economics

    Who Benefits From South Korea's Lowered Interest Rates?

    South Korea is the latest country to cut interest rates in an attempt to stimulate economic growth.
  8. Forex Education

    The Top Uses For P2P Currency Exchange

    Peer-to-peer (P2P) currency exchange networks offer a viable and cheaper alternative for buying and selling currencies.
  9. Forex

    Steps To Open An Offshore Forex Account

    Here is a simple breakdown of how to open an offshore forex account for US-based users, including legal requirements.
  10. Entrepreneurship

    Top Forex Trading Apps

    A brief overview of the top apps that help forex traders with on time information, charts and more.

You May Also Like

Trading Center