GBP/USD working on 1.70, got some wind from stocks

By FXstreet.com | Updated July 30, 2014 AAA

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.

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