GBP/USD attempting hourly resistance, 1.7160

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Guatemala) - GBP/USD is trading at 1.7157, up 0.02% on the day, having posted a daily high at 1.7161 and low at 1.7150.

GBP/USD is flexing its muscles by a few pips with the greenback on the defensive, while we will not expect much from a deadlock session with the US off celebrating independence day. Nonetheless it is moving into 1.7160 territory and is trying to break the hourly charts resistance. Meanwhile,the Nonfarm Payrolls took the show in the US as US Non-farm payrolls rose 288K in June, exceeding consensus expectations by a mile, but as Rob Carnell, analyst at ING Bank NV points put, “Without a clear step up in wages, and whilst the unemployment rate remains 6-something percent, we suspect the Fed will be loathe to change its formal stance with respect to the taper, or to the possibility of normalising rates”.

GBP/USD Levels

Current price is 1.7158, with resistance ahead at 1.7161 (Daily High), 1.7162 (Daily Classic PP), 1.7166 (Monthly High), (Weekly High) and (Annual High). Next support to the downside can be found at 1.7155 (Daily Open), 1.7151 (Hourly 20 EMA), 1.7150 (Daily Low), 1.7144 (Daily Classic S1) and 1.7123 (Daily Classic S2).

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