GBP/USD holds above 1.7000

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Córdoba) - The GBP/USD is back to square one at the beginning of the american session, after the latest upside attempt was capped by the 1.7050 area.



The Cable pulled back from highs, giving up nearly half a cent, but found support at the 100-hour SMA just ahead of hitting the 1.7000 psychological level. At time of writing, the GBP/USD is trading at 1.7010, virtually unchanged on the day.



From a wider perspective, the GBP/USD remains underpinned by divergent BoE and Fed policy stances, having reached a nearly 6-year peak of 1.7062 last Thursday.



GBP/USD technical levels



In terms of technical levels, next supports could be found at 1.7000 (psychological level), 1.6947 (10-day SMA) and 1.6920 (Jun 18 low). On the flip side, resistances are seen at 1.7062 (2014 high Jun 19), 1.7100 (psychological level) and 1.7180 (Oct 10 2008 high).



You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    Weekly Trading Forecast: FOMC, GDP, Greece and Much More Ahead

  2. Forex News

    British Pound Likely to Rally Further, but Watch these Two Key Risks

  3. Forex News

    Strategy Video: Can We Still Trade Amid Central Banks, HFT, Exuberance

  4. Forex News

    UK Election Campaign unfolding neck and neck - TDS

  5. Forex News

    Key UK events next week; Manufacturing PMI - TDS

Trading Center