GBP/USD long term support rising

By FXstreet.com | June 24, 2014 AAA

FXStreet (Guatemala) - Currently, GBP/USD is trading at 1.6973, down -0.32% on the day, having posted a daily high at 1.7034 and low at 1.6966.



The FXStreet OB/OS Index is reflecting oversold hourly conditions, while the FXStreet Trend Index is slightly bearish. Meanwhile, although the pair has been offered here, bulls are still stacking up their support at higher levels within the longer term daily range for sterling. For instance, Jane Foley, Senior Currency Strategist at Rabobank explained that the outlook for cable depends heavily on the Fed. “Following that lack of any hawkish traits from the Fed so far, we see cable as having the potential to hold above 1.70 potentially until early next year when we expect a less dovish Fed to lend the USD support”.



GBP/USD Levels



With spot trading at 1.6973, we can see next resistance ahead at 1.6978 (Hourly 200 SMA), 1.6979 (Daily Classic S2), 1.6999 (Weekly Classic PP), 1.7001 (Hourly 20 EMA) and 1.7002 (Yesterday's Low). Support below can be found at 1.6966 (Daily Low), 1.6963 (Weekly Low), 1.6955 (Daily Classic S3), 1.6934 (Weekly Classic S1) and 1.6904 (Daily 20 SMA).



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