GBP/USD regains 1.7100

By FXstreet.com | Updated July 30, 2014 AAA

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).



Related Forex Analysis
  1. Weekly Forecast: FX Volatility to Persist on Key Data, Rate Decisions
    Forex News

    Weekly Forecast: FX Volatility to Persist on Key Data, Rate Decisions

  2. British Pound Holds on by a Thread - What to Watch in Week Ahead
    Forex News

    British Pound Holds on by a Thread - What to Watch in Week Ahead

  3. GBP/USD bounces at 1.5940 and returns to 1.5990
    Forex News

    GBP/USD bounces at 1.5940 and returns to 1.5990

  4. GBP/USD slumps to 1.5950
    Forex News

    GBP/USD slumps to 1.5950

  5. GBP/USD retreats from above 1.6000
    Forex News

    GBP/USD retreats from above 1.6000

Trading Center