GBP/USD touched 1.7173. Is this the limit?

By FXstreet.com | July 03, 2014 AAA

FXStreet (Moscow) - GBP/USD resumed growth after a short period of consolidation during late Asian hours; the pair aims at multi-year highs of 1.7177 reached on Wednesday, and the 1.7180 resistance

Higher and higher

GBP/USD has been rangebound after a positive start of the week, but it seems that bulls have had enough rest and ready for a new assault as the pair took off from the opening level of 1.7150 and touched current Asian high at 1.7173. This is a pure technical play, as there are no fundamental factors that might have served as a trigger. GBP/USD is dangerously close to the important long-term resistance area of 1.7180. It is not going to be taken out easily, but sustained weekly close above this level might open up new horizons for long-term GBP bulls.

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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