GBP/USD climbs to 1.6810 on UK employment data - FXStreet

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Barcelona) - Chief Analyst Valeria Bednarik comments of yesterday's GBP/USD rally up to 1.6810 supported by early UK data showing a nice improvement in the employment sector, as unemployment fell to the lowest level in more than five years.



Key quotes



“The pair however remained unable to extend beyond 1.6820 price zone, where Tuesday high converges with a daily descendant trend line coming from this year high establishing the immediate resistance level for today.”



“The hourly chart shows indicators turning lower still in positive territory, while price develops above a strongly bullish 20 SMA."



“In the 4 hours chart price stands above its 200 EMA, anyway flat and not offering directional clues, while indicator aim higher around their midlines, still not confirming some stronger advance.”



“An advance above afore mentioned resistance is required to confirm a new leg higher up to 1.6860 in the short term, followed later by critical 1.6920.”



comments powered by Disqus
Related Forex Analysis
  1. GBP/USD falls to 1.5950 and bounces up daily highs
    Forex News

    GBP/USD falls to 1.5950 and bounces up daily highs

  2. Dollar Charges to Multi Week Highs on Strong US GDP Data
    Forex News

    Dollar Charges to Multi Week Highs on Strong US GDP Data

  3. GBP/USD down to 1.5950 amid upbeat US GDP
    Forex News

    GBP/USD down to 1.5950 amid upbeat US GDP

  4. Ranges Persist in USD-Pairs Post-FOMC Meeting
    Forex News

    Ranges Persist in USD-Pairs Post-FOMC Meeting

  5. GBP/USD struggles to regain 1.6000
    Forex News

    GBP/USD struggles to regain 1.6000

Trading Center