GBP/USD halted below psy 1.72 handle

By FXstreet.com | July 01, 2014 AAA

FXStreet (Guatemala) - GBP/USD is trading at 1.7149, up 0.26% on the day, having posted a daily high at 1.7168 and low at 1.7096.



GBP/USD has started to tail off from the highs and with the FXStreet OB/OS Index is reflecting overbought hourly conditions. The ATR is 60 pips thus leaves us collecting some profits perhaps before the big news starts to unravel later on in the week ahead of the psychological 1.72 handle. Having said that, the dollar may still well find some traction again on a good jobs report from the US or take advantage of the UK’s PMI’s coming in below consensus, capping the pair at 6 year highs below 1.7200.



GBP/USD Levels



Spot is presently trading at 1.7150, and next resistance can be seen at 1.7168 (Daily High), 1.7175 (Weekly Classic R3), 1.7185 (Daily Classic R2), and 1.7254 (Daily Classic R3). Support below can be found at 1.7146 (Daily Classic R1), 1.7128 (Hourly 20 EMA), 1.7117 (Yesterday's High), 1.7114 (Weekly Classic R2) and 1.7106 (Monthly High).



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