GBP/USD retakes 1.7100

By FXstreet.com | Updated July 30, 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).



Related Forex Analysis
  1. US Dollar Faces Tough Test, Japanese Yen Remains Focus
    Forex News

    US Dollar Faces Tough Test, Japanese Yen Remains Focus

  2. The 1.5740 top to contain the upside today for GBP/USD – FXStreet
    Forex News

    The 1.5740 top to contain the upside today for GBP/USD – FXStreet

  3. GBP/USD bounces and hits fresh daily highs
    Forex News

    GBP/USD bounces and hits fresh daily highs

  4. AUD/USD Triangulates on H4; EUR/USD, GBP/USD Holding Range Lows
    Forex News

    AUD/USD Triangulates on H4; EUR/USD, GBP/USD Holding Range Lows

  5. German IFO surprised on the upside – BBH
    Forex News

    German IFO surprised on the upside – BBH

Trading Center