16 Jun 2014
GBP/USD luring in strong support
FXStreet (Guatemala) - GBP/USD is trading at 1.6985, up 0.09% on the day, having posted a daily high at 1.7013 and low at 1.6959.
GBP/USD is still strong, testing the upside and poking through 1.7000 earlier and Stephen Gallo, European Head of Currency Strategy at BMO Capital explained, in relation to London, "the highlight of this morning in G10 was the quick stab above 1.7000 in GBP/USD, but afterwards, activity diminished noticeably. The UK curve was still ‘flatter’ though, and this kept the GBP well supported." RBS strategists said, “The stronger CPI in the UK amid a backdrop of a further monetary policy divergence between the BoE and the Fed (and ECB as well) leaves us favouring further GBP this week”. So, with 1.70 being a historically crucial level since the crisis, let’s see if it will finally give into the bulls.
GBP/USD Levels
With spot trading at 1.6986, we can see next resistance ahead at 1.6989 (5 Year High), 1.6994 (Yesterday's High), 1.7002 (Daily Classic R1), 1.7013 (Daily High) and 1.7033 (Daily Classic R2). Support below can be found at 1.6976 (Hourly 20 EMA), 1.6975 (Annual High), (3 Year High), (YTD High) and 1.6973 (Daily Open).
GBP/USD is still strong, testing the upside and poking through 1.7000 earlier and Stephen Gallo, European Head of Currency Strategy at BMO Capital explained, in relation to London, "the highlight of this morning in G10 was the quick stab above 1.7000 in GBP/USD, but afterwards, activity diminished noticeably. The UK curve was still ‘flatter’ though, and this kept the GBP well supported." RBS strategists said, “The stronger CPI in the UK amid a backdrop of a further monetary policy divergence between the BoE and the Fed (and ECB as well) leaves us favouring further GBP this week”. So, with 1.70 being a historically crucial level since the crisis, let’s see if it will finally give into the bulls.
GBP/USD Levels
With spot trading at 1.6986, we can see next resistance ahead at 1.6989 (5 Year High), 1.6994 (Yesterday's High), 1.7002 (Daily Classic R1), 1.7013 (Daily High) and 1.7033 (Daily Classic R2). Support below can be found at 1.6976 (Hourly 20 EMA), 1.6975 (Annual High), (3 Year High), (YTD High) and 1.6973 (Daily Open).