GBP/USD contained to the downside

By FXstreet.com | July 22, 2014 AAA

FXStreet (Guatemala) - FXStreet (Guatemala) - GBP/USD is trading at 1.7053, down -0.12% on the day, having posted a daily high at 1.7085 and low at 1.7041.



GBP is contained still by the descending trend line and trades with a bearish bias. Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank said each day GBP is leaking lower with support provided by the psychologically important 1.70. “A soft CBI trends report today wasn’t enough to shake markets leading into Wednesday’s MPC minutes and a speech at the Commonwealth Games Trade and Investment conference”.



GBP/USD Levels



With spot trading at 1.7054, we can see next resistance ahead at 1.7069 (Hourly 20 EMA) and 1.7076 (Daily Open). Support below can be found at 1.7054 (Daily Classic S1), 1.7041 (Daily Low), 1.7031 (Daily Classic S2), 1.7017 (Weekly Classic S1) and 1.7008 (Daily Classic S3).



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