GBP/USD 1.6940 is last indication for 1.70 handle - FXStreet

By FXstreet.com | August 05, 2014 AAA

FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the GBP/USD managed to advance some of the US day despite general dollar weakness.



Key Quotes:



“UK data was also above expected: after some weak numbers that made tumble the idea of a sooner rate hike in the UK, today’s’ service PMI relived hopes”.



“Nevertheless, the pair remained capped below the 23.6% retracement of its latest daily bearish run at 1.6895 immediate resistance”.



“In the 4 hours chart price looking a bit more constructive at the time being: steady gains above mentioned Fibonacci level should lead to a sustained advance up to 1.6940, while once above this last and approach to 1.70 seems likely”.



“Support levels: 1.6845 1.6805 1.6770”



“Resistance levels: 1.6895 1.6940 1.6990”



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