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19 Feb 2014
GBP/USD may jump over 1.67 and run higher
FXStreet (Moscow) - GBP/USD showed impressive correction from Monday’s highs, but stabilized 1.6675 in the morning, and tried to recover part of the losses reaching 1.6697 high by the moment.
The pound is still labor-focused
Inflation numbers only supported the understanding that the BOE is no rush to tighten the monetary policy. Nevertheless, despite the moderate retracement the pair still has chances to raise again if today’s labor data confirms the ongoing recovery in the sector. Given the new targets of the recent Inflation Report, the focus of the market may be on average earnings as an indicator of basic inflationary pressure, and a number of worked hours as the indicator of spare capacity in economy. The rise of both of them may support the pound on its move higher with initial target at 1.6728 resistance level.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6692, with support below at 1.6640, 1.6604 and 1.6552, with resistance above at 1.6728, 1.6780, and 1.6816. Hourly Moving Averages are bullish, with the 200SMA at 1.6556, and the daily 20EMA bullish at 1.6526. Hourly RSI is neutral at 50.
The pound is still labor-focused
Inflation numbers only supported the understanding that the BOE is no rush to tighten the monetary policy. Nevertheless, despite the moderate retracement the pair still has chances to raise again if today’s labor data confirms the ongoing recovery in the sector. Given the new targets of the recent Inflation Report, the focus of the market may be on average earnings as an indicator of basic inflationary pressure, and a number of worked hours as the indicator of spare capacity in economy. The rise of both of them may support the pound on its move higher with initial target at 1.6728 resistance level.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6692, with support below at 1.6640, 1.6604 and 1.6552, with resistance above at 1.6728, 1.6780, and 1.6816. Hourly Moving Averages are bullish, with the 200SMA at 1.6556, and the daily 20EMA bullish at 1.6526. Hourly RSI is neutral at 50.