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30 Jun 2014
GBP/USD finally breaks off into test out the 1.71 handle
FXStreet (Guatemala) - GBP/USD is trading at 1.7104, up 0.40% on the day, having posted a daily high at 1.7117 and low at 1.7009.
GBP/USD broke out of the 1.7050/1.6975 range and broke the recent rally’s high for a swift push up to create new highs despite the earlier overbought conditions. Analysts at TD Securities suggested that there are further upside risks to consensus expectations for the UK PMIs this week, which could support GBP and BoE tightening expectations further. There are a number of data releases other than these and Thursday is sure to grab markets attention. Soon after UK PMI, we will turn over to the US PMI’s and further jobs numbers. Thus between now and then, the question is whether some profits are taken and consolidation comes into play before we begin to focus on the next leg up towards longer term resistance on the next handle of 1.72.
GBP/USD Levels
Spot is presently trading at 1.7104, and next resistance can be seen at 1.7114 (Weekly Classic R2), 1.7117 (Daily High), 1.7175 (Weekly Classic R3). Support below can be found at 1.7102 (Daily Classic R3), 1.7077 (Daily Classic R2), 1.7075 (Weekly Classic R1), 1.7057 (Daily Classic R1) and
1.7053 (Yesterday's High).
GBP/USD broke out of the 1.7050/1.6975 range and broke the recent rally’s high for a swift push up to create new highs despite the earlier overbought conditions. Analysts at TD Securities suggested that there are further upside risks to consensus expectations for the UK PMIs this week, which could support GBP and BoE tightening expectations further. There are a number of data releases other than these and Thursday is sure to grab markets attention. Soon after UK PMI, we will turn over to the US PMI’s and further jobs numbers. Thus between now and then, the question is whether some profits are taken and consolidation comes into play before we begin to focus on the next leg up towards longer term resistance on the next handle of 1.72.
GBP/USD Levels
Spot is presently trading at 1.7104, and next resistance can be seen at 1.7114 (Weekly Classic R2), 1.7117 (Daily High), 1.7175 (Weekly Classic R3). Support below can be found at 1.7102 (Daily Classic R3), 1.7077 (Daily Classic R2), 1.7075 (Weekly Classic R1), 1.7057 (Daily Classic R1) and
1.7053 (Yesterday's High).