Pound unmoved despite weak UK wage data - FXStreet

By FXstreet.com | July 16, 2014 AAA

FXStreet (Łódź) - As FXStreet Chief Analyst Valeria Bednarik observes, weaker than expected UK wage data hasn't affected the GBP/USD which remains firm above 1.7100.



Key quotes



"The GPB/USD stands midrange in the 1.7120/30 area, having posted a session high of 1.7151 again rejected from the static resistance area, with the 4 hours chart showing price finding intraday support around a flat 20 SMA, while indicators are directionless in neutral territory."



"And while the upside is still favor as well as buying on dips, further confirmation is required at the time being: a price acceleration above 1.7150 should favor a retest of 1.7190 high, with 1.7250 then as next target."



"Immediate support stands at 1.7095, followed by 1.7060. 23.6% retracement of the latest daily bullish run."



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