FXStreet (Córdoba) - The GBP/USD managed to bounce from lows after dipping briefly below the 1.7100 mark at the beginning of the American session, as the pound remains under mild pressure ahead of the FOMC minutes and the BoE decision.



The GBP/USD is facing some corrective pressure this week after hitting a 6-year high of 1.7178 Friday supported by prospects the BoE will hike rates before the Fed. Investors will be closely watching today’s FOMC minutes and tomorrow’s BoE in the search of clues.



GBP/USD technical levels



At time of writing, the cable is trading at 1.7110, still down 0.11% on the day. As for technical levels, the pair could find next supports at 1.7085 (Jul 8 low), 1.7049 (50% fibo of 1.6919/1.7178) and 1.7008 (Jun 30 low). On the flip side, resistances are seen at 1.7145 (Jul 9 high), 1.7178 (Jul 4 high) and 1.7196 (Oct 21 2008 high).



You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    Heavy Event Risk in Jobs Data, Rate Decision Will Confront Summer Trading

  2. Forex News

    US Dollar as ‘Data Dependent’ as the Fed as NFPs Approach

  3. Forex News

    Monetary Policy Speculation Continues Next Week With NFPs, RBA and BoE

  4. Forex News

    GBP Opening Monthly Range Hinges on BoE Vote Count, Inflation Report

  5. Forex News

    BoE inflation report - TDS

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!