GBP/USD fails to sustain gains

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Córdoba) - The GBP/USD picked up momentum and spiked to fresh daily highs helped by broad risk appetite and M&A news.



The GBP/USD saw a quick run toward a high of 1.7143 in a bout of dollar selling, but quickly lost steam and erased gains. At time of writing, the GBP/USD is trading at the 1.7120 area, virtually unchanged since opening.



However, the GBP/USD is likely to remain supported in the longer term as the economic outlook remains positive in the UK and amid prospects the BoE would hike rates before the Fed.



GBP/USD technical levels



As for technical levels, the GBP/USD could find next resistances at 1.7150 (Jul 11 high), and 1.7178 (2014 high Jul 4) followed by 1.7200 (psychological levels). On the other hand, supports are seen at 1.7095 (Jul 11 low), 1.7085 (Jul 8 low) and 1.7050 (50% Fibo of 1.6919/1.7178).



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