GBP/USD survived after Hilsenrath’s comments

Alena Afanaseva Independent Analyst

FXstreet.com (Moscow) - GBP/USD was injured in the morning by the WSJ Hilsenrath predictions of further tapering during the January FOMC meeting, though the pair lost only 16 pips from 1.6426 at open to 1.6410 low.

Market has some good expectations on UK data

Hilsenrath’s story was not able to trigger big moves, as the comments are largely in line with expectations. The scheduled for today UK CBI Industrial Order Expectations has limited potential to trigger any currency moves, though positive development will only fuel the interest to the Pound. The rumored revision of UK GDP growth forecasts to 2.4% (from 1.9%) by the IMF may give additional support to the pair, if confirmed during the American session. We also expect the early positioning of the pair before the Wednesday’s key labor data release which is potentially GBP-bullish with the initial target at 1.6463 resistance level.

What are today’s key GBP/USD levels?

Today's central pivot point can be found at 1.6429, with support below at 1.6404 (S1), 1.6370 (S2) and 1.6345 (S3), with resistance above at 1.6463 (R1), 1.6488 (R2), and 1.6522 (R3). Hourly Moving Averages are largely bullish, with the 200SMA at 1.6419 and the daily 20EMA flat at 1.6413. Hourly RSI is neutral at 52.

Author

Alena Afanaseva

Independent Analyst

Alena joined FXStreet in 2014 as an Asia News Editor, having previously fulfilled senior research and analysis roles at a number of Russian brokerage houses.

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