GBP/USD bulls are in charge

By FXstreet.com | Updated July 30, 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).



You May Also Like

Related Forex Analysis
  1. Forex News

    GBP/USD dips briefly below 1.5600

  2. Forex News

    GBP/USD flat, Tuesday’s UK GDP numbers eyed

  3. Forex News

    Exit GBP/USD longs below 1.5640 - Vladimir Mihaylov

  4. Forex News

    GBP/USD steadies above 1.56 handle

  5. Forex News

    GBP/USD Technical Analysis: Treading Water Above 1.55

Trading Center