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12 Aug 2014
GBP/USD searched for the bottom, and found it
FXStreet (Moscow) - GBP/USD never stopped edging lower from the open, reaching 2-month low at 1.6755б and is showing the attempts to reverse the move at the moment reaching 1.6775.
More evidence
The pair made a turnaround in one-year upside trend in early July, as the reports started to signal the economy could have peaked in the second quarter, and there is slowing growth in store. So far, the data showed mixed results broadly supporting the idea of cooling economy. However, to be absolutely sure, we need to get some more evidence from the BOE Quarterly Report. The pair is trying to at least stop the sell-off, and probably the pound succeeded at least in this field. The initial target to the upside may lie at 1.6785.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6785, with support below at 1.6772, 1.6758 and 1.6745 with resistance above at 1.6799, 1.6812, and 1.6826. Hourly Moving Averages are bearish, with the 200SMA bearish at 1.6843, and the daily 20EMA bearish at 1.6920. Hourly RSI is bearish at 34.
More evidence
The pair made a turnaround in one-year upside trend in early July, as the reports started to signal the economy could have peaked in the second quarter, and there is slowing growth in store. So far, the data showed mixed results broadly supporting the idea of cooling economy. However, to be absolutely sure, we need to get some more evidence from the BOE Quarterly Report. The pair is trying to at least stop the sell-off, and probably the pound succeeded at least in this field. The initial target to the upside may lie at 1.6785.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6785, with support below at 1.6772, 1.6758 and 1.6745 with resistance above at 1.6799, 1.6812, and 1.6826. Hourly Moving Averages are bearish, with the 200SMA bearish at 1.6843, and the daily 20EMA bearish at 1.6920. Hourly RSI is bearish at 34.