GBP/USD is attempting the grounds of 1.7140

By FXstreet.com | July 16, 2014 AAA

FXStreet (Guatemala) - GBP/USD is trading at 1.7139, up 0.02% on the day, having posted a daily high at 1.7142 and low at 1.7135.

GBP/USD is building bids again in the 1.71 handle after Sterling had the wind taken out of it on the back of the UK data in the European session. The employment figures showed that wages for past month are at the lowest on record and this is effecting those on lower incomes in respect of the risks of rising inflation. A concern long felt by economists that are not so bullish on the UK's recovery and future prospects. Having said that, in relation to the the positioning of sterling in the market, Val Bednarik, Chief analyst at FXStreet explained that calling for a top is way too early and downward movements continue to be seen as buying opportunities down to 1.7060, 23.6% retracement of the latest bullish run. Meanwhile, daily RSI sits at 62.89, in neutral territory.

GBP/USD Levels

Current price is 1.7140, with resistance ahead at 1.7142 (Daily High), 1.7153 (Yesterday's High), 1.7157 (Weekly High), 1.7160 (Weekly Classic R1) and 1.7166 (Monthly High). Next support to the downside can be found at 1.7137 (Daily Open), 1.7135 (Daily Low), 1.7134 (Hourly 20 EMA), 1.7131 (Daily Classic PP) and 1.7128 (Hourly 200 SMA).

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