GBP/USD retraces daily gains

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Córdoba) - After bottoming out at 1.6951 Wednesday on the back of Carney’s dovish remarks, the GBP/USD turned higher and staged a 100-pip recovery over the last 2 days, although the advance has been capped by the 1.7050 zone so far.



The Cable rose 100 pips during the second half of the weak and reached a fresh 1-week high of 1.7050 Friday. However, sellers reappeared at that level, halting the GBP advance a few pips shy of its 6-year peak scored last week at 1.7062. The GBP/USD has pulled back from daily highs and it trades nearly flat on the day at the 1.7025 zone ahead of the UK GDP release.



GBP/USD levels to watch

In terms of technical levels, the GBP/USD could find next resistances at 1.7050 (Jun 27 high), 1.7062 (2014 high Jun 19) and 1.7100 (psychological level). On the other hand, supports are seen at 1.7000 (psychological level), 1.6970 (Jun 26 low) and 1.6951 (Jun 21 low).



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