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.

You May Also Like

Related Forex Analysis
  1. Forex News

    GBP/USD trades back above 1.5600

  2. Forex News

    GBP/USD falls to fresh lows sub-1.5600

  3. Forex News

    Dollar Forecast Improves, Indicator Shows it May Rally Across the Board

  4. Forex News

    British Pound Remains a Sell until we see this Change

  5. Forex News

    GBP/USD keeps range around 1.5630 after US data

Trading Center

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!