GBP/USD headed for weekly gains

By FXstreet.com | July 04, 2014 AAA

FXStreet (Córdoba) - The GBP/USD inched higher during the Asian session and hit a fresh multi-year high but reversed direction during the European trading to finally settle nearly flat as US markets are closed on holiday.



The GBP/USD pulled back from a high of 1.7178, but was contained by the 1.7130 area and it stabilized in a tight range with no much ahead to offer direction. At time of writing, the GBP/USD is trading at 1.7145, a few pip below its opening price, but on track to print its fifth weekly gain in a row, this time of 0.71%.



GBP/USD levels to watch



In terms of technical levels, the GBP/USD could find next supports at 1.7095 (Jul 3 & 1 lows), 1.7030 (10-day SMA) and 1.7007 (Jun 30 low). On the other hand, resistances are seen at 1.7178 (Jul 4 high), 1.7196/1.7200 (Oct 21 2008 high/psychological level) and then 1.7300 (psychological level).



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