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Alert - 10:15 (CET) - GbpUsd waiting for production prices
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The GbpUsd is trading at 1.7774, ranging from 1.7694 and 1.7975. The current price is over yesterday's close at 1.7695. In the hourly graphics, the 20- and 50-day Exponential Mobile Averages (EMA) are under the 200-day EMA.
The traders are contemplating the resistances at 1.8000 (key), 1.8365 (July 25th 2006 low) and 1.8590 (October 11th 2006 high). They are also watching, just in case, the supports at 1.7750 (April 20th 2006 low), 1.7500 (key) and 1.7231 (March 10th 2006 low).
The traders of the Sterling are waiting for the production prices from the UK. It is expected that they have declined 1.2% against the previous 0.6% fall.
Depending on the result, the traders will evaluate how willing will the BoE be to maintain a very restrict monetary policy. Knowing this piece of information, the GbpUsd could start pricing in rate cuts until the end of the year.
Checking the hourly graphics again, the current price is over the 0.00% (1.7679) and under the 23.60% (1.8264) Fibonacci retracement lines. The volatility per hour is 450 pips and the 60-minute Relative Strenght Index (RSI) is at 44 points, rebounding from the overbought area.
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