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3 Apr 2014
GBP/USD down around 1.66 – 3d time’s a charm…
FXStreet (Moscow) - Bad PMI number pushed the pair down to 1-week low. Having made a daily high at 1.6663 and low at 1.6605, GBP/USD spot is down -0.09% on the day and presently trading at 1.6613.
PMI did it…again
We knew it could happen, and it did. March UK Markit/CIPS services PMI came out worse than expected at 57.6 vs 58.1, and 58.2 previously. Moreover, the Composite PMI was lowest since last June reaching 58.1 vs 58.6 prior. It was the third disappointment from the UK during the week, and it finally broke the camel’s neck sending the pair to weekly low. Although the support around 1.66 is strong enough to limit the downside for the European session, the coming US ISM data may be the very catalyst to send the pair below with initial target at 1.6564 area.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6637, with support below at 1.6609, 1.6592, and 1.6564 with resistance above at 1.6654, 1.6682, and 1.6699. Hourly Moving Averages are largely flat, with the 200SMA at 1.6588, and the daily 20EMA bullish at 1.6605. Hourly RSI is neutral at 49.
PMI did it…again
We knew it could happen, and it did. March UK Markit/CIPS services PMI came out worse than expected at 57.6 vs 58.1, and 58.2 previously. Moreover, the Composite PMI was lowest since last June reaching 58.1 vs 58.6 prior. It was the third disappointment from the UK during the week, and it finally broke the camel’s neck sending the pair to weekly low. Although the support around 1.66 is strong enough to limit the downside for the European session, the coming US ISM data may be the very catalyst to send the pair below with initial target at 1.6564 area.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6637, with support below at 1.6609, 1.6592, and 1.6564 with resistance above at 1.6654, 1.6682, and 1.6699. Hourly Moving Averages are largely flat, with the 200SMA at 1.6588, and the daily 20EMA bullish at 1.6605. Hourly RSI is neutral at 49.