26 Jun 2014
GBP/USD struggling to regain 1.7000
FXStreet (Córdoba) - The GBP/USD advanced slightly Thursday and climb back to challenge the 1.7000 area at the beginning of the European session, although it has lacked momentum to regain the psychological level.
The GBP/USD managed to recover from weekly lows Wednesday after the latest GDP revision showed the US contracted at its fastest rate in 5 years in Q1, which crushed the greenback. However, the bounce attempt was capped by the 1.7005 area, putting the pair in slow recovery mode over the Asian session. The Cable has reached a daily high of 1.6995 and it is currently trading at the the 1.6990 area, still a few pips up on the day.
GBP/USD technical levels
In terms of technical levels, next resistances could be found at 1.7005 (Jun 25 high), 1.7030 (Jun 24 high), 1.7062 (2014 high Jun 19) and 1.7100 (psychological level). On the flip side, supports are seen at 1.6920 (Jun 18 low) and 1.6900 (psychological level) ahead of 1.6876 (20-day SMA).
The GBP/USD managed to recover from weekly lows Wednesday after the latest GDP revision showed the US contracted at its fastest rate in 5 years in Q1, which crushed the greenback. However, the bounce attempt was capped by the 1.7005 area, putting the pair in slow recovery mode over the Asian session. The Cable has reached a daily high of 1.6995 and it is currently trading at the the 1.6990 area, still a few pips up on the day.
GBP/USD technical levels
In terms of technical levels, next resistances could be found at 1.7005 (Jun 25 high), 1.7030 (Jun 24 high), 1.7062 (2014 high Jun 19) and 1.7100 (psychological level). On the flip side, supports are seen at 1.6920 (Jun 18 low) and 1.6900 (psychological level) ahead of 1.6876 (20-day SMA).