GBP/USD attempts to the upside squashed

By FXstreet.com | Updated July 25, 2014 AAA

FXStreet (Guatemala) - GBP/USD is trading at 1.6970, down -0.10% on the day, having posted a daily high at 1.7000 and low at 1.6961.



GBP/USD was a short lived rally that couldn’t get through the key 1.70 level on the release of the GDP Q2 for the UK. Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank noted that the UK Q2 GDP came in as expected +0.8% q/q and +3.1%y/y; retracing fully from recession. “An encouraging development and one that supports the BoE moving towards an interest rate hike; but moving gradual thereafter”.



GBP/USD Levels



"GBP/USD short‐term technicals: bearish technicals are all bearish and there are no warning signals on the chart, warning that GBP is likely to shift lower in the near-term." Current price is 1.6970, with resistance ahead at 1.6983 (Hourly 20 EMA) and 1.7000 (Daily High). Next support to the downside can be found at 1.6961 (Daily Low), 1.6951 (Daily Classic S1), 1.6949 (Weekly ClassicS2) and 1.6914 (Daily Classic S2).



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