GBP/USD pushed back from multi year highs

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Guatemala) - Currently, GBP/USD is trading at 1.7038, up 0.26% on the day, having posted a daily high at 1.7065 and low at 1.6976.



GBP/USD has been an impressive performer, up to fresh multi year highs and despite a vaguely disappointing retail sales release. But, as Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank explained, the sudden hawkish stance by Governor Carney juxtaposed against a dovish Chair Yellen have provided the catalyst for a near‐term rally. She further added that technicals also warn of further near‐term upside, with the next level being 1.71. See chart.



GBP/USD Levels



Spot is presently trading at 1.7039, and next resistance can be seen at 1.7057 (Daily Classic R2), 1.7063 (Weekly Classic R1), 1.7065 (Daily High), 1.7109 (Daily Classic R3) and 1.7155 (Weekly Classic R2). Support below can be found at 1.7025 (Daily Classic R1), 1.7018 (Hourly 20 EMA), 1.7005 (Yesterday's High), 1.6994 (Monthly High) and (Weekly High).



Related Forex Analysis
  1. GBP/USD expected to move towards 1.5875 - UOB Group
    Forex News

    GBP/USD expected to move towards 1.5875 - UOB Group

  2. GBP/USD capped at 1.6000
    Forex News

    GBP/USD capped at 1.6000

  3. GBP/USD continues its slide on Friday - FXStreet
    Forex News

    GBP/USD continues its slide on Friday - FXStreet

  4. GBP/USD failed to break below 1.5970 support, and rebounded
    Forex News

    GBP/USD failed to break below 1.5970 support, and rebounded

  5. GBP/USD Bearish Candlestick Pattern Casts Immediate Risks Lower
    Forex News

    GBP/USD Bearish Candlestick Pattern Casts Immediate Risks Lower

Trading Center