GBP/USD holds onto gains, targets 1.7200

By FXstreet.com | July 02, 2014 AAA

FXStreet (Córdoba) - The GBP/USD is holding onto gains near 6-year highs scored Tuesday in the wake of an upbeat UK manufacturing survey.



The GBP/USD, which reached a peak of 1.7165 yesterday, its highest since October 2008, steadied in a 20-pip range just below that level where it has spent the last hours as investors await the UK construction PMI data. At time of writing, the Cable is trading at 1.7145, flat on the day, after recording a 0.26% gain Tuesday.



GBP/USD levels to watch



In terms of technical levels, a break above 1.7165 (Jul 1 high) would pave the way toward 1.7196/1.7200 (Oct 21 2008 high/psychological level) without much on the way. On the other hand, supports are seen at 1.7139 (Jul 2 low), 1.7095 (Jul 1 low), 1.7030 (10-day SMA) and 1.7007 (Jun 30 low).



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