GBP/USD resists above 1.7100

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Córdoba) - The rejection of the GBP/USD from the 1.7165 area has contained at the beginning of the New York session just a few pips before hitting the 1.7100 psychological mark.



The GBP/USD failed to sustain gains as investors seemed unwilling to buy the GBP before the BoE decision and the pair continued to fall after the bank offered no surprises. The Cable bottomed out at 1.7103 and with the subsequent bounce capped by the 1.7130, it was confined to a phase of consolidation. At time of writing, the GBP/USD is trading at 1.7110, 0.26% below its opening price.



GBP/USD technical outlook



“In the 4 hours chart the technical picture is mild bearish, with risk to the downside limited by 1.7060, 23.6% retracement of the latest bullish run”, said Valeria Bednarik, chief analyst at FXStreet.



Bednarik locates next supports at 1.7095, 1.7060 and 1.7020, while she sees resistances at 1.7150, 1.7180 and 1.7220.



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