GBP/USD full steam ahead; technicians pile in

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Guatemala) - GBP/USD is trading at 1.7159, up 0.05% on the day, having posted a daily high at 1.7180 and low at 1.7140.



GBP/USD is relentless and Kit Juckes, Global Head of Currency Strategy at Societe Generale sums this up very nicely,“Depending on exactly how fine the lead in your pencil is, sterling is either in the process of breaking a multi-year resistance area, or has already done so….Speculators are long GBP, RSIs are overbought, the good news is all in, and I'm desperately wrong about where to sell it. It looks for all the world as though it will now stage a sharp spike higher as momentum, trend following and technical fans pile in”.



GBP/USD Levels



Spot is presently trading at 1.7159, and next resistance can be seen at 1.7168 (Yesterday's High), 1.7175 (Weekly Classic R3), 1.7179 (Daily Classic R1), 1.7180 (Daily High) and 1.7209 (Daily Classic R2). Next support to the downside can be found at 1.7154 (Hourly 20 EMA), 1.7150 (Monthly High), (Weekly High), 1.7150 (Annual High) and (3 Year High).



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