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1 Jul 2014
GBP/USD clings to 1.7100
FXStreet (Córdoba) - The GBP/USD entered a consolidation phase Tuesday after a month-end dollar sell-off sent the pair above 1.7100 for first time in 5 years.
The GBP/USD reached a peak of 1.7114 last New York session before steading in a range, although it managed to close the day/month/quarter above the psychological level, reinforcing the bullish case. The Cable has been underpinned lately, having gained 3.19% year to date, amid prospects the BoE could start hiking rates before the Fed.
GBP/USD technical levels
At time of writing, the GBP/USD is trading at 1.7103, virtually unchanged since opening. In terms of technical levels, if the pair breaks above 1.7114 (Jun 30 high), 1.7196 (Oct 21 2008 high) and 1.7200 (psychological level). On the flip side, supports are seen at 1.7095 (Jul 1 low), 1.7030 (10-day SMA) and 1.7007 (Jun 30 low).
The GBP/USD reached a peak of 1.7114 last New York session before steading in a range, although it managed to close the day/month/quarter above the psychological level, reinforcing the bullish case. The Cable has been underpinned lately, having gained 3.19% year to date, amid prospects the BoE could start hiking rates before the Fed.
GBP/USD technical levels
At time of writing, the GBP/USD is trading at 1.7103, virtually unchanged since opening. In terms of technical levels, if the pair breaks above 1.7114 (Jun 30 high), 1.7196 (Oct 21 2008 high) and 1.7200 (psychological level). On the flip side, supports are seen at 1.7095 (Jul 1 low), 1.7030 (10-day SMA) and 1.7007 (Jun 30 low).