GBP/USD retakes 1.7100

By FXstreet.com | July 08, 2014 AAA

FXStreet (Edinburgh) - After dipping to multi-day lows near 1.7080, the GBP/USD managed to pick up pace and regain the key barrier at 1.7100.



GBP/USD supported at 1.7080



Spot came down from the 1.7140/45 band after the UK industrial sector disappointed investors today, showing monthly contractions in both industrial (-0.7%) and manufacturing production (-1.3%) during May. Ahead in the day the GDP Estimate gauged by NIESR is also due. In the view of Camilla Sutton, Chief FX Strategist at Scotiabank, the short-term technicals are bullish, as “technical studies all warn of upside risk and we expect a near-term break above the recent high of 1.7180”.



GBP/USD key levels



The pair is now losing 0.05% at 1.7117 with the next support at 1.7081 (38.2% of 1.6920-1.7180) followed by 1.7050 (50% of 1.6920-1.7180) and finally 1.7021 (21-d MA). On the flip side, a break above 1.7147 (high Jul.8) would target 1.7172 (high Jul.7) en route to 1.7180 (2014 high Jul.2).



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