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1 Jul 2014
GBP/USD retains a bullish bias
FXStreet (Guatemala) - GBP/USD is trading at 1.7153, up 0.27% on the day, having posted a daily high at 1.7164 and low at 1.7096.
GBP/USD represented a little opportunity to cash in on the rallies of late but given the fundamental advantage that the UK is having over the US in terms of recent economic data, one might retain the optimism for the pound moving towards the PMI’s in construction and of course the key services sectors the following day. On the same day, we will have the Nonfarm payrolls from the US taking the spotlight with July 4th holidays on Friday in the US.
GBP/USD support now seen 1.7010
The Market Strategy Team at UOB Group explained, “Despite overbought conditions, we believe the current strong up-trend will persist for a while yet. In the coming week, expect the key support at 1.7010 (from 1.6950) to hold for extension higher toward 1.7190."
GBP/USD Levels
Current price is 1.7153, with resistance ahead at 1.7164 (Daily High), 1.7175 (Weekly Classic R3), 1.7185 (Daily Classic R2), 1.7254 (Daily Classic R3). Next support to the downside can be found at 1.7146 (Daily Classic R1), 1.7122 (Hourly 20 EMA), 1.7117 (Yesterday's High), 1.7114 (Weekly Classic R2) and 1.7106 (Monthly High).
GBP/USD represented a little opportunity to cash in on the rallies of late but given the fundamental advantage that the UK is having over the US in terms of recent economic data, one might retain the optimism for the pound moving towards the PMI’s in construction and of course the key services sectors the following day. On the same day, we will have the Nonfarm payrolls from the US taking the spotlight with July 4th holidays on Friday in the US.
GBP/USD support now seen 1.7010
The Market Strategy Team at UOB Group explained, “Despite overbought conditions, we believe the current strong up-trend will persist for a while yet. In the coming week, expect the key support at 1.7010 (from 1.6950) to hold for extension higher toward 1.7190."
GBP/USD Levels
Current price is 1.7153, with resistance ahead at 1.7164 (Daily High), 1.7175 (Weekly Classic R3), 1.7185 (Daily Classic R2), 1.7254 (Daily Classic R3). Next support to the downside can be found at 1.7146 (Daily Classic R1), 1.7122 (Hourly 20 EMA), 1.7117 (Yesterday's High), 1.7114 (Weekly Classic R2) and 1.7106 (Monthly High).