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16 Apr 2014
GBP/USD fueled by positive UK Labor data
FXStreet (Moscow) - GBP/USD broke above 1.6740 ahead of UK data, and posted 1.6817 high on the release, retreating to 1.68 by the moment.
Labor data brought some food for thoughts
The market knows that labor data is one of the most important fundamental indicators for the BOE to assess the current situation, and economic potential of the country. Thus, no wonder the pair started to rise on expectations of better than expected readings. And the data didn’t disappoint – February Unemployment ratу came out at 6.9 vs 7.2 expected, the Claimant Count change was above expectations at -30.4K vs 30.2K, and the Average Earnings Index a little bit worse at 1.7% vs 1.8% forecast . The pair already broke above 1.68 and rushed to 1.617 high with the next target at 1.6857.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6713, with support below at 1.6677, 1.6623, 1.6587 with resistance above at 1.6767, 1.6803, and 1.6857. Hourly Moving Averages are mixed, with the 200SMA at 1.6699, and the daily 20EMA neutral at 1.6669. Hourly RSI is bullish at 50.
Labor data brought some food for thoughts
The market knows that labor data is one of the most important fundamental indicators for the BOE to assess the current situation, and economic potential of the country. Thus, no wonder the pair started to rise on expectations of better than expected readings. And the data didn’t disappoint – February Unemployment ratу came out at 6.9 vs 7.2 expected, the Claimant Count change was above expectations at -30.4K vs 30.2K, and the Average Earnings Index a little bit worse at 1.7% vs 1.8% forecast . The pair already broke above 1.68 and rushed to 1.617 high with the next target at 1.6857.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6713, with support below at 1.6677, 1.6623, 1.6587 with resistance above at 1.6767, 1.6803, and 1.6857. Hourly Moving Averages are mixed, with the 200SMA at 1.6699, and the daily 20EMA neutral at 1.6669. Hourly RSI is bullish at 50.