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19 Mar 2014
GBP/USD re-shaping and eyes toward key releases
FXStreet (Guatemala) - GBP/USD has drifted back into 1.66 territories after testing the 50 DMA and looking threatening to the downside overnight. The day ahead comes with a European session that will deliver key UK economic data and BoE minutes.
GBP/USD will be under the spot light while the BoE minutes will be unveiled and the latest employment data for the UK will come to light, all that ahead of the chancellors pre election budget. Should be an interesting morning in Europe. Meanwhile, markets will be closely watching levels to the downside, and should there be bearish sentiment around the data releases, a break back below 1.6532 (the 8 month uptrend) could open up traders focus and attention onto the 1.6259/29 support zone being the September high and the 23.6% retracement of the move up from July 2013.
GBP/USD Levels
The 20 DMA is 1.6667, the 50 DMA is 1.6552 and the 200 DMA is 1.6016. RSI (14) reads 46.70. Supports are ascending from 1.6538 and 1.6565. Spot is 1.6599 while resistances are 1.6605, 1.6667, 1.6689, 1.6719 and 1.6787.
GBP/USD will be under the spot light while the BoE minutes will be unveiled and the latest employment data for the UK will come to light, all that ahead of the chancellors pre election budget. Should be an interesting morning in Europe. Meanwhile, markets will be closely watching levels to the downside, and should there be bearish sentiment around the data releases, a break back below 1.6532 (the 8 month uptrend) could open up traders focus and attention onto the 1.6259/29 support zone being the September high and the 23.6% retracement of the move up from July 2013.
GBP/USD Levels
The 20 DMA is 1.6667, the 50 DMA is 1.6552 and the 200 DMA is 1.6016. RSI (14) reads 46.70. Supports are ascending from 1.6538 and 1.6565. Spot is 1.6599 while resistances are 1.6605, 1.6667, 1.6689, 1.6719 and 1.6787.