GBP/USD longs remain committed

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Guatemala) - GBP/USD is trading at 1.6962, down -0.12% on the day, having posted a daily high at 1.6991 and low at 1.6938.



GBP/USD has held within the sideways channel on the 1.69 handle and is encouraging for the long positions who are committed with eyes through the 1.70 barrier. Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank suggests that there is still an up-side bias and say’s the expected weekly range will be within 1.6825 and 1.7100 (historical congestion to resistance)". GBP/USD short‐term technicals: bullish—technical studies warn of upside pressure as spot touched a multi-year high yesterday of 1.7011. The RSI at just 65 leaves significant upside room before GBP reaches overbought levels. We are biased to be long GBP."



GBP/USD Levels



With spot trading at 1.6963, we can see next resistance ahead at 1.6970 (Hourly 20 EMA), 1.6975 (YTD High), 1.6982 (Monthly High), (Weekly High) and (Annual High). Support below can be found at 1.6959 (Yesterday's Low), 1.6957 (Daily Classic S1), 1.6938 (Daily Low), 1.6931 (Daily Classic S2) and 1.6913 (Hourly 100 SMA).



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