Back
21 Feb 2014
GBP/USD looks weak, but has a potential for a rebound
FXStreet (Moscow) - GBP/USD spent the morning near weekly lows around 1.6645 pressured by series of disappointments, but rebounded to 1.6660 area at the time of writing.
Retail sales may compensate
Despite the weak positioning around 1.6645 lows the pound may have a revenge today if scheduled for release British retail sales will give the reasons to buy the currency. Despite the rise of the unemployment rate in January, the Claimant Count Change was better than expected, and this factor could boost consumer demand more than forecasted. If numbers come out above the expectations, wait for another move higher with initial target at 1.6694 resistance level.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6660, with support below at 1.6618, 1.6584 and 1.6542, with resistance above at 1.6694, 1.6736, and 1.6770. Hourly Moving Averages are largely bearish, with the 200SMA at 1.6630, and the daily 20EMA bullish at 1.6552. Hourly RSI is neutral at 42.
Retail sales may compensate
Despite the weak positioning around 1.6645 lows the pound may have a revenge today if scheduled for release British retail sales will give the reasons to buy the currency. Despite the rise of the unemployment rate in January, the Claimant Count Change was better than expected, and this factor could boost consumer demand more than forecasted. If numbers come out above the expectations, wait for another move higher with initial target at 1.6694 resistance level.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6660, with support below at 1.6618, 1.6584 and 1.6542, with resistance above at 1.6694, 1.6736, and 1.6770. Hourly Moving Averages are largely bearish, with the 200SMA at 1.6630, and the daily 20EMA bullish at 1.6552. Hourly RSI is neutral at 42.