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30 Jun 2014
GBP/USD test the 1.7050 area
FXStreet (Edinburgh) - The sudden buying interest around the sterling is now pushing the GBP/USD to test the mid-1.7000s, printing fresh session highs at the same time.
GBP/USD on its way to 2014 highs
After bottoming out in the 1.7010 region during the European morning, spot is sharply rebounding and could well re-visit the area around the 2014 high at 1.7064 (June 19th). In the view of Camilla Sutton, Chief FX Strategist at Scotiabank, “studies still suggest upside and the RSI at just 64 suggests there is room for more before reaching overbought levels. Support lies at the low of the 2-week range of 1.6922; resistance comes in at the multi-year high of 1.7063”.
GBP/USD levels to consider
At the moment the pair is up 0.04% at 1.7044 with the immediate resistance at 1.7052 (high Jun.27) followed by 1.7064 (2014 high Jun.19) and then 1.7100 (psychological level). On the downside, a breach of 1.7007 (low Jun.27) would open the door to 1.7000 (psychological level) and finally 1.6972 (low Jun.26).
GBP/USD on its way to 2014 highs
After bottoming out in the 1.7010 region during the European morning, spot is sharply rebounding and could well re-visit the area around the 2014 high at 1.7064 (June 19th). In the view of Camilla Sutton, Chief FX Strategist at Scotiabank, “studies still suggest upside and the RSI at just 64 suggests there is room for more before reaching overbought levels. Support lies at the low of the 2-week range of 1.6922; resistance comes in at the multi-year high of 1.7063”.
GBP/USD levels to consider
At the moment the pair is up 0.04% at 1.7044 with the immediate resistance at 1.7052 (high Jun.27) followed by 1.7064 (2014 high Jun.19) and then 1.7100 (psychological level). On the downside, a breach of 1.7007 (low Jun.27) would open the door to 1.7000 (psychological level) and finally 1.6972 (low Jun.26).