GBP/USD at 1.7200 by year end

By FXstreet.com | August 05, 2014 AAA

FXStreet (Guatemala) - GBP/USD is trading at 1.6869, up 0.04% on the day, having posted a daily high at 1.6891 and low at 1.6845.



GBP/USD was driven higher with stronger than expected services PMI but lost out to Moody’s decision to change the UK banking system’s outlook from stable to negative. We now look ahead to the BoE, however, Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank explained that Thursday’s BoE decision is widely expected to prove a non‐event. She went onto say that they hold a year end GBP target of 1.72, expecting GBP to shift higher later this quarter as the BoE first interest rate hike draws closer."



GBP/USD Levels



With spot trading at 1.6869, we can see next resistance ahead at 1.6879 (Weekly Classic PP), 1.6891 (Daily High) and 1.6923 (Hourly 200 SMA). Support below can be found at 1.6869 (Hourly 100 SMA) and 1.6861 (Hourly 20 EMA).



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