GBP/USD pierces 1.7050, nearly 6-year high

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Córdoba) - The GBP/USD extended gains at the beginning of the American session and printed fresh 5-year highs as the greenback continues to suffer on the back of Fed no-so-hawkish stance.



The GBP/USD rose further and left behind several resistances levels, having hit its strongest since Oct 21 2008 at 1.7058. Neither soft UK retail sales nor upbeat US data stopped the Cable, as prospects the BoE will hike rates before the Fed continues to propel the pair.



GBP/USD levels to watch



In terms of technical levels, a clear break above 1.7050 could send the pair to 1.7100 (psychological level) and 1.7180 (Oct 10 2008 high). On the flip side, supports are now seen at 1.7000 (psychological level), 1.6920 (Jun 18 low) and 1.6900 (psychological level).



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