GBP/USD making progress on 1.71 handle

By FXstreet.com | July 08, 2014 AAA

FXStreet (Guatemala) - GBP/USD is trading at 1.7131, up 0.04% on the day, having posted a daily high at 1.7150 and low at 1.7085.



GBP/USD has been on the move and back onto the 1.71 handle again. Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank explained that the GBP/USD short‐term technical are bullish. “However momentum is fading and studies are shifting towards more neutral and even sell signals. Accordingly, the near‐term outlook for GBP is cautious; a break and close below last Tuesday’s open at 1.7106 would shift signals towards a more bearish outlook. Support lies at 1.7106, followed by 1.7080; resistance lies at the recent high of 1.7180."



GBP/USD Levels



Current price is 1.7134, with resistance ahead at 1.7135 (Daily Classic PP), 1.7145 (Hourly 100 SMA), 1.7150 (Daily High), 1.7161 (Daily Classic R1) and 1.7166 (Monthly High). Next support to the downside can be found at 1.7127 (Daily Open), 1.7127 (Weekly Low), 1.7127 (Hourly 20 EMA), 1.7116 (Weekly Classic PP) and 1.7109 (Hourly 200 SMA).



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