GBP/USD holds near 6-year highs

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Córdoba) - The GBP/USD remains near 6-year highs, having managed to close last week above the 1.7000 mark and underpinned by solid manufacturing data from China.



The greenback trades a tad softer across the board amid better sentiment after China’s HSBC PMI came in at a 7-month high of 50.8, first time above the 50 mark this year. The dollar also continues to suffer after a FOMC meeting last week, which offered little indication the Fed will hike rates anytime soon, contrasting BoE's recent comments.



The GBP/USD rose to a daily high of 1.7048 and it is currently trading at the 1.7040 zone, 0.18% above its opening price.



GBP/USD levels to watch



Immediate resistance levels for the Cable line up at 1.7062 (2014 high Jun 19), 1.7100 (psychological level) and 1.7180 (Oct 10 2008 high). On the flip side, supports are now seen at 1.7000 (psychological level), 1.6947 (10-day SMA) and 1.6920 (Jun 18 low).



You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    Double Top reversal in GBP/USD hourly chart – FXStreet

  2. Forex News

    GBP/USD bullish above 1.5265 – Varengold

  3. Forex News

    GBP/USD consolidates above 20-DMA, awaits fresh incentives

  4. Forex News

    GBP/USD Technical Analysis: Digestion Below 1.53 Continues

  5. Forex News

    GBP: Fed volatility within 50 pip range, scores ground on 1.52 handle

Trading Center