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17 Apr 2014
GBP/USD refreshed multi-year highs, and is ready to go on
FXStreet (Moscow) - GBP/USD broke above 1.6820, posted multi-year high at 1.6836, and trades not far away from that at the moment.
The cable is the star
GBP traded higher during the Asian session triggering some stops above 1.6820 and edging higher to its peaks since November, 2009. The pound is the star of the week, since the inflation data didn't disappoint, and the labor data came out better than expected, supporting the expectations of higher pace of the British economy growth. Given the lowering unemployment rate, average earnings rise, and steady reduction of claimant counts the BOE won’t be able to point to spare capacities in the labor market for long. For the pound it means more opportunities to go higher soon. As for today, the initial target to the upside is at1.6878, and the downside is limited by 1.6778 support level.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6778, with support below at 1.6738, 1.6678, 1.6638 with resistance above at 1.6838, 1.6878, and 1.6938. Hourly Moving Averages are bullish, with the 200SMA at 1.6723, and the daily 20EMA bullish at 1.6681. Hourly RSI is bullish at 80.
The cable is the star
GBP traded higher during the Asian session triggering some stops above 1.6820 and edging higher to its peaks since November, 2009. The pound is the star of the week, since the inflation data didn't disappoint, and the labor data came out better than expected, supporting the expectations of higher pace of the British economy growth. Given the lowering unemployment rate, average earnings rise, and steady reduction of claimant counts the BOE won’t be able to point to spare capacities in the labor market for long. For the pound it means more opportunities to go higher soon. As for today, the initial target to the upside is at1.6878, and the downside is limited by 1.6778 support level.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6778, with support below at 1.6738, 1.6678, 1.6638 with resistance above at 1.6838, 1.6878, and 1.6938. Hourly Moving Averages are bullish, with the 200SMA at 1.6723, and the daily 20EMA bullish at 1.6681. Hourly RSI is bullish at 80.