GBP/USD shyly refreshed multi-year high at 1.7178

By FXstreet.com | July 04, 2014 AAA

FXStreet (Moscow) - GBP/USD started the day at 1.7153, and moved higher with tiny steps refreshing multi-year high at 1.7178 by the moment, but retraced a bit to 1.7160 after failed breakout.



Pound may wait



Services PMI disappointed, but not much, since the market still believes in strong recovery of the British economy. Besides, despite the significance of this segment for the UK, it may lag behind the manufacturing, thus the stronger numbers may be expected in a month or two. The pound is still strong, and is waiting for new catalysts to move higher with initial target at 1.72 resistance level.



What are today’s key GBP/USD levels?



Today's central pivot point can be found at 1.7142, with support below at 1.7114, 1.7073, and 1.7045 with resistance above at 1.7183, 1.7211, and 1.7252. Hourly Moving Averages are bullish, with the 200SMA at 1.7060, and the daily 20EMA flat at 1.7008. Hourly RSI is bullish at 61.



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