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 Articles
  1. Forex

    The Pros and Cons of a Fully Convertible Rupee

    Amid the rising economic power of India, the talks of making the Indian currency fully convertible are gaining momentum. We look at the pros and cons.
  2. Forex Fundamentals

    Chinese Yuan an Unlikely Reserve Currency

    As the world's second largest economy, China's challenge to America’s dominance includes a push to make the yuan (RMB), the world’s reserve currency. Whether it can do that now is unclear.
  3. Economics

    How Currency Enforcement Helped Sink The Trans-Pacific Partnership (TTP)

    One particular barrier to trade that has received much attention of late and caused delays in negotiations of the TPP is exchange-rate manipulation, by which a country artificially devalues its ...
  4. Forex

    Top U.S Forex News Sites

    Breaking news moves forex markets. Here are the top U.S. sites for tracking forex news.
  5. Investing

    Financial News Comparison: Bloomberg Vs. Reuters

    Access to financial information has grown with the expansion of digital news. Bloomberg and Thomson Reuters lead the pack, claiming a majority of the business information market.
  6. Economics

    Who Benefits From South Korea's Lowered Interest Rates?

    South Korea is the latest country to cut interest rates in an attempt to stimulate economic growth.
  7. Forex Education

    The Top Uses For P2P Currency Exchange

    Peer-to-peer (P2P) currency exchange networks offer a viable and cheaper alternative for buying and selling currencies.
  8. Forex

    Steps To Open An Offshore Forex Account

    Here is a simple breakdown of how to open an offshore forex account for US-based users, including legal requirements.
  9. Entrepreneurship

    Top Forex Trading Apps

    A brief overview of the top apps that help forex traders with on time information, charts and more.
  10. Investing Basics

    The Risks Of Buying Bitcoin

    Virtual currency is probably here to stay, but what about Bitcoin specifically? Does it have a first-to-market advantage? What are the risks involved?
RELATED TERMS
  1. No results found.

You May Also Like

COMPANIES IN THIS ARTICLE
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!