15 Jul 2014
GBP/USD climbing towards 1.7250 - FXStreet
FXStreet (Łódź) - Higher than expected UK inflation numbers and PM Cameron's cabinet reshuffle boosted the GBP/USD across the board on Tuesday, FXStreet Chief Analyst Valeria Bednarik observes.
Key quotes
"Technically, the GBP/USD bounced from a strong support, the 23.6% retracement of its latest daily rally at 1.7060, and advanced up to 1.7150, where the pair halted several times over the last few days."
"The 4 hours chart shows indicators crossing their midlines to the upside, while current candle opened above a still flat 20 SMA, bullish overall but with no upward strength."
"This year high of 1.7180 is the critical resistance level once above 1.7150, and once broken 1.7220/50 area comes at sight."
"Retracements down to 1.7090/1.7100 should see buyers surging to defend the level, with the pair not seen below it over the upcoming sessions."
Key quotes
"Technically, the GBP/USD bounced from a strong support, the 23.6% retracement of its latest daily rally at 1.7060, and advanced up to 1.7150, where the pair halted several times over the last few days."
"The 4 hours chart shows indicators crossing their midlines to the upside, while current candle opened above a still flat 20 SMA, bullish overall but with no upward strength."
"This year high of 1.7180 is the critical resistance level once above 1.7150, and once broken 1.7220/50 area comes at sight."
"Retracements down to 1.7090/1.7100 should see buyers surging to defend the level, with the pair not seen below it over the upcoming sessions."