GBP/USD bulls are in charge

By FXstreet.com | July 08, 2014 AAA

FXStreet (Guatemala) - GBP/USD is trading at 1.7129, down -0.02% on the day, having posted a daily high at 1.7136 and low at 1.7129.



GBP/USD found ground back onto the 1.71 handle after losses that accumulated post the poor manufacturing and industrial production data in London. Nevertheless, the bulls are taking the lead and Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank explained that they do not expect any change at this week’s BoE meeting; but they do expect that Governor Carney continues to highlight that interest rate hikes are likely to come sooner than the market expects but prove slow and gradual. “In the near‐term this
should continue to support an elevated GBP."



GBP/USD Levels



Current price is 1.7130, with resistance ahead at 1.7134 (Daily Open), 1.7135 (Daily Classic PP), 1.7136 (Daily High), 1.7144 (Hourly 100 SMA) and 1.7150 (Yesterday's High). Next support to the downside can be found at 1.7129 (Daily Low), 1.7128 (Hourly 20 EMA), 1.7127 (Weekly Low), 1.7116 (Weekly Classic PP) and 1.7111 (Hourly 200 SMA).



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