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25 Feb 2014
GBP/USD is parasitizing on USD weakness
FXStreet (Moscow) - GBP/USD was able to reach 1.6682 high helped by broad USD weakness, and rumors of large option expiry.
Vodafone deal + options is the formula of success for GBP
The pair still hesitates to show full-blown rise, although the market expects a good demand due to Vodafone/Verizon flows. Large option expiry for GBP 500 mln today is also rumored at 1.6650 which may provide some support for the pound. If both factors materialize, wait for the move higher with initial target at 1.6737.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6640, with support below at 1.6599, 1.6543 and 1.6502, with resistance above at 1.6696, 1.6737, and 1.6793. Hourly Moving Averages are largely bullish, with the 200SMA at 1.6675, and the daily 20EMA bullish at 1.6569. Hourly RSI is neutral at 54.
Vodafone deal + options is the formula of success for GBP
The pair still hesitates to show full-blown rise, although the market expects a good demand due to Vodafone/Verizon flows. Large option expiry for GBP 500 mln today is also rumored at 1.6650 which may provide some support for the pound. If both factors materialize, wait for the move higher with initial target at 1.6737.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6640, with support below at 1.6599, 1.6543 and 1.6502, with resistance above at 1.6696, 1.6737, and 1.6793. Hourly Moving Averages are largely bullish, with the 200SMA at 1.6675, and the daily 20EMA bullish at 1.6569. Hourly RSI is neutral at 54.