GBP/USD flirting with a break higher on 1.70 handle

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Guatemala) - GBP/USD is trading at 1.7019, up 0.21% on the day, having posted a daily high at 1.7042 and low at 1.6971.

GBP/USD is ranging with struggles through the mid point on the 1.70 handle. Bulls fulled the fire on the BoE and from the Financial Stability report with the FPC suggesting that there isn’t an imminent threat. Meanwhile, Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank explained, that leading into GfK consumer confidence and tomorrow’s final Q1 GDP release GBP is flirting with its multi-year highs. We expect ongoing near-term strength but stabilization from there as the market is pricing in a lot of GBP good news. "GBPUSD short-term technicals: bullish—a strong upward trend (see chart), coupled with buy signals in most studies warns of potential GBP upside risk. Accordingly for short-term traders, we are biased to be long, looking for a break above the recent 1.7063 multi-year high."

GBP/USD Levels

With spot trading at 1.7019, we can see next resistance ahead at 1.7033 (Daily Classic R2), 1.7040 (Monthly High), 1.7040 (Weekly High), (Annual High) and (3 Year High). Support below can be found at 1.7009 (Daily Classic R1), 1.7006 (Yesterday's High), 1.7003 (Hourly 100 SMA), 1.7002 (Hourly 20 EMA) and 1.6999 (Weekly Classic PP).

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