GBP/USD has new record highs on its mind

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Moscow) - GBP/USD opened the day at 1.7039, and resumed the rise again reaching 1.7054 by the moment.



Bullish position

The purposeful movement above the August, 2009 high only supports the medium/long-term bullish position of the pound. Even weaker than expected UK Retail Sales data were not able to stop the move higher – after a period of hesitation the pair broke above 1.70, posted new high at 1.7062 not seen from October, 2008. Despite the looming weekend, and possibility of profit-taking, the further move up with initial target at 1.7077 resistance is not ruled out.



What are today’s key GBP/USD levels?

Today's central pivot point can be found at 1.7027, with support below at 1.6989, 1.6939, 1.6901 with resistance above at 1.7077, 1.7115, and 1.7165. Hourly Moving Averages are bullish, with the 200SMA at 1.6907, and the daily 20EMA bullish at 1.6878. Hourly RSI is bullish at 68.



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