GBP/USD fresh highs after solid UK construction data

By FXstreet.com | July 02, 2014 AAA

FXStreet (Córdoba) - The GBP/USD stretched to fresh 6-year highs after the UK construction PMI gave the pound a boost across the board.



The GBP/USD topped yesterday’s highs and climbed to its highest since October 2008 at 1.7176 after data showed construction sector expanded at a faster pace than expected in June, supporting solid growth in the UK. The construction PMI rose to 62.6 versus 59.5 expected.



The GBP/USD however, quickly pulled back to pre-data levels and it is currently trading at the 1.7165 zone, still up 0.11% on the day.



GBP/USD technical levels



As for technical levels, if the Cable breaks above 1.7176 (Jul 2 high) next resistances could be faced at 1.7196/1.7200 (Oct 21 2008 high/psychological level) and then 1.7300 (psychological level). On theflip side, supports are seen at 1.7139 (Jul 2 low), 1.7095 (Jul 1 low), 1.7030 (10-day SMA) and 1.7007 (Jun 30 low).



comments powered by Disqus
Related Forex Analysis
  1. USD/JPY in no mood for deep decline; settled at 108.80
    Forex News

    USD/JPY in no mood for deep decline; settled at 108.80

  2. EUR/USD attempts to develop upside correction
    Forex News

    EUR/USD attempts to develop upside correction

  3. Pound has room to extend latest gains - JPMorgan
    Forex News

    Pound has room to extend latest gains - JPMorgan

  4. USD positioning largely unchanged in the lead-up to FOMC - ANZ
    Forex News

    USD positioning largely unchanged in the lead-up to FOMC - ANZ

  5. EUR/USD bears in full control - JPMorgan
    Forex News

    EUR/USD bears in full control - JPMorgan

Trading Center