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29 Oct 2014
GBP/USD attacked 1.6020 on bad UK data
FXStreet (Moscow) - GBP/USD made an attempt to break below 1.6120 support on disappointing UK data, but so far is still there.
The pair practically ignored the Money Supply, and Mortgage Approvals data just released by the UK. The second-tier reports hardly ever triggered much volatility in the currency market, so nobody expected anything special from the released reports, especially given the investors’ obsession with a FOMC meeting today. Mortgage Approvals was worse than expected 61.267K vs 62.250K, confirming the tighter conditions at housing sector. As for Money Supply, it came below the forecasts at -0.7% vs +0.5%, pointing to weaker price pressure. The pair is attempting to break below 1.6120, but has not succeeded yet. The next target to the downside if broken, may be located at 1.6085.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6134, with support below at 1.6085, followed by 1.6038 and 1.5989 with resistance above at 1.6181, followed by 1.6230 and 1.6277. Hourly Moving Averages are bullish, with the 200SMA at 1.6099, and the daily 20EMA flat at 1.6121. Hourly RSI is bearish at 46.
The pair practically ignored the Money Supply, and Mortgage Approvals data just released by the UK. The second-tier reports hardly ever triggered much volatility in the currency market, so nobody expected anything special from the released reports, especially given the investors’ obsession with a FOMC meeting today. Mortgage Approvals was worse than expected 61.267K vs 62.250K, confirming the tighter conditions at housing sector. As for Money Supply, it came below the forecasts at -0.7% vs +0.5%, pointing to weaker price pressure. The pair is attempting to break below 1.6120, but has not succeeded yet. The next target to the downside if broken, may be located at 1.6085.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6134, with support below at 1.6085, followed by 1.6038 and 1.5989 with resistance above at 1.6181, followed by 1.6230 and 1.6277. Hourly Moving Averages are bullish, with the 200SMA at 1.6099, and the daily 20EMA flat at 1.6121. Hourly RSI is bearish at 46.