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31 Mar 2014
GBP/USD tests 1.6630/25 after UK data
FXStreet (Moscow) - ">GBP/USD retraced from 1.6648 high sliding to 1.6624 currently, with British data giving mixed signals.
Mortgage approvals were mixed
The pound hardly reacted to recently released UK data still trading around 1.6630. The February Mortgage Approvals rose by 70.31k vs 75.25k expected, that could have pressured the cable a bit, if it were not for the Mortgage Lending which came up +stg1.72 bln vs +1.6 bln expected vs +1.42 bln previously. Thus, we got mixed data as mortgage approvals down but lending up. The pair found minor support at 1.6630 after taking out the 1.6650 offers in early Asia. If the level is broken, wait for the move lower with initial target at 1.6600 with large stop orders below may stop the slide.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6630, with support below at 1.6608, 1.6575, and 1.6553 with resistance above at 1.6663, 1.6685, and 1.6718. Hourly Moving Averages are largely bullish, with the 200SMA at 1.6552, and the daily 20EMA bullish at 1.6594. Hourly RSI is neutral at 50.
Mortgage approvals were mixed
The pound hardly reacted to recently released UK data still trading around 1.6630. The February Mortgage Approvals rose by 70.31k vs 75.25k expected, that could have pressured the cable a bit, if it were not for the Mortgage Lending which came up +stg1.72 bln vs +1.6 bln expected vs +1.42 bln previously. Thus, we got mixed data as mortgage approvals down but lending up. The pair found minor support at 1.6630 after taking out the 1.6650 offers in early Asia. If the level is broken, wait for the move lower with initial target at 1.6600 with large stop orders below may stop the slide.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6630, with support below at 1.6608, 1.6575, and 1.6553 with resistance above at 1.6663, 1.6685, and 1.6718. Hourly Moving Averages are largely bullish, with the 200SMA at 1.6552, and the daily 20EMA bullish at 1.6594. Hourly RSI is neutral at 50.