GBP/USD sidelined above 1.7100

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Edinburgh) -The sterling is now following its risk-associated peers on Monday, taking the GBP/USD to the 1.7115/10 band so far.



GBP/USD supported around 1.7100



Despite the lack of positive events and less auspicious data releases as of late, the pound is managing quite well to keep the trade above the 1.7100 handle so far. Adding to the buoyancy of the GBP, market expectations for a rate hike sooner than estimated by the BoE still hover amongst traders. “The key levels highlighted previously at 1.7085 and 1.7180 are still intact. For today,, a recovery toewards 1.7150 wil not be surprising but unless there is a break above 1.7180, this should be followed by a move lower towards 1.7085”, noted Quek Ser Leang, Market Strategist at UOB Group.



GBP/USD relevant levels



As of writing the pair is up 0.01% at 1.7115 and a surpass of 1.7150 (high Jul.11) would open the door to 1.7168 (high Jul.10) and finally 1.7180 (2014 high Jul.2). On the downside, the initial support aligns at 1.7092 (low Jul.11) ahead of 1.7081 (38.2% of 1.6920-1.7180) and then 1.7074 (21-d MA).



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