GBP/USD rises through 1.6800

By FXstreet.com | Updated August 12, 2014 AAA

FXStreet (Córdoba) - The GBP/USD picked up momentum during the New York session and rose to fresh daily highs above 1.6800.



The Cable took a U-turn after hitting a fresh 2-month low of 1.6756 during the European trade and reversed daily losses rising more than half a cent to a high of 1.6808. With no much data scheduled for today, focus now turns to UK jobs data and the Bank of England Quarterly Inflation report to be released tomorrow as investors look for clues about the timing of a rate hike in the UK.



GBP/USD technical levels



At time of writing, the GBP/USD is trading at 1.6805, recording a 0.12% gain, with immediate resistances lining up at 1.6840 (10-day SMA), 1.6863 (Aug 7 high) and 1.6878 (100-day SMA). On the other hand, supports are seen at 1.6756 (Aug 12 low), 1.6737 (Jun 11 low) and 1.6722 (Jun 5 low).



You May Also Like

Related Forex Analysis
  1. Weekly Trading Forecast: Volatility Keeps Boiling in the FX Market
    Forex News

    Weekly Trading Forecast: Volatility Keeps Boiling in the FX Market

  2. GBP/USD to Break Out on Less-Dovish BoE, Weak U.S. 3Q GDP
    Forex News

    GBP/USD to Break Out on Less-Dovish BoE, Weak U.S. 3Q GDP

  3. GBP/USD shifting through gears but now back into neutral
    Forex News

    GBP/USD shifting through gears but now back into neutral

  4. GBP/USD likely to be range-bound – FXStreet
    Forex News

    GBP/USD likely to be range-bound – FXStreet

  5. GBP/USD recovers ground but falters ahead of 1.57
    Forex News

    GBP/USD recovers ground but falters ahead of 1.57

Trading Center