7 Jul 2014
GBP/USD catching a bounce off lows on 1.71 handle
FXStreet (Guatemala) - GBP/USD is trading at 1.7128, down -0.18% on the day, having posted a daily high at 1.7169 and low at 1.7108.
GBP/USd has caught a bounce off the lows through 1.7110 and the outlook remains bullish on the pound, forecasted by economists. Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank explained that they expect Thursday’s BoE meeting to prove a non‐event for the currency with rates and the asset purchase program on hold at 0.5% and £375bn respectively. “Sentiment towards GBP is notably bullish which in the near‐term we agree with." It is worth noting that daily RSI sits at 72.09.
GBP/USD Levels
Spot is presently trading at 1.7129, and next resistance can be seen at 1.7131 (Yesterday's Low), 1.7133 (Daily Classic S1), 1.7138 (Hourly 20 EMA), 1.7151 (Hourly 100 SMA) and 1.7157 (Daily Classic PP). Support below can be found at 1.7116 (Weekly Classic PP), 1.7108 (Daily Low), 1.7107 (Daily Classic S2), 1.7106.
GBP/USd has caught a bounce off the lows through 1.7110 and the outlook remains bullish on the pound, forecasted by economists. Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank explained that they expect Thursday’s BoE meeting to prove a non‐event for the currency with rates and the asset purchase program on hold at 0.5% and £375bn respectively. “Sentiment towards GBP is notably bullish which in the near‐term we agree with." It is worth noting that daily RSI sits at 72.09.
GBP/USD Levels
Spot is presently trading at 1.7129, and next resistance can be seen at 1.7131 (Yesterday's Low), 1.7133 (Daily Classic S1), 1.7138 (Hourly 20 EMA), 1.7151 (Hourly 100 SMA) and 1.7157 (Daily Classic PP). Support below can be found at 1.7116 (Weekly Classic PP), 1.7108 (Daily Low), 1.7107 (Daily Classic S2), 1.7106.