GBP/USD sets new yearly high - FXStreet

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik observes that the GBP/USD rose to a new yearly high of 1.7179 earlier on Friday, before dropping lower again.

Key quotes

"Nevertheless, Pound bullishness is undeniable, and after yesterday’s price behavior, is clear buyers are waiting on dips to add."



"The 4 hours chart shows indicators hovering around their midlines, with price aiming to break below its 20 SMA that anyway maintains a strong bullish slope."



"A break below 1.7095, yesterday’s low, should lead to a test of the 23.6% retracement of the latest bullish run at 1.7060, yet selling is not recommended, even on a break below this last: rather wait for a some exhaustion on any bearish corrective movement and fade the move."



"To the upside, 1.7180 continues to be the level to watch, and some steady gains above it should lead to an advance up to 1.7220 price zone in the short term."



You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    Double Top reversal in GBP/USD hourly chart – FXStreet

  2. Forex News

    GBP/USD bullish above 1.5265 – Varengold

  3. Forex News

    GBP/USD consolidates above 20-DMA, awaits fresh incentives

  4. Forex News

    GBP/USD Technical Analysis: Digestion Below 1.53 Continues

  5. Forex News

    GBP: Fed volatility within 50 pip range, scores ground on 1.52 handle

Trading Center