7 Jul 2014
GBP/USD making hard work of 1.71 handle
FXStreet (Guatemala) - GBP/USD is trading at 1.7129, down -0.18% on the day, having posted a daily high at 1.7169 and low at 1.7108.
GBP/USD has met offers at 1.7140 is turning back towards the downside here on a slow start for the week. . Meanwhile, the week is quiet bar the main event and analysts at Investec Bank explained that there is very little out on the data front today so it’s likely the market will continue to be driven by the result of Thursday’s impressive payroll figures. “However, the main event of the week will be when the Monetary Policy Committee makes its July announcement at midday on Thursday. This will be the first MPC meeting since Mark Carney’s Mansion House speech, when the BoE Governor warned that interest rates could rise sooner than markets were expecting. However the motivation behind the statement is likely to have been to warn markets of a general trend, not an imminent event. Accordingly policy looks set to be held steady again for now, with the Bank rate on hold at 0.5% and the stock of asset purchases at £375bn”.
GBP/USD Levels
Current price is 1.7129, with resistance ahead at 1.7131 (Yesterday's Low), 1.7133 (Daily Classic S1), 1.7137 (Hourly 20 EMA), 1.7150 (Hourly 100 SMA) and 1.7157 (Daily Classic PP). Next support to the downside can be found at 1.7116 (Weekly Classic PP), 1.7108 (Daily Low), 1.7107 (Daily Classic S2), 1.7106 (Weekly Low) and 1.7091 (Hourly 200 SMA).
GBP/USD has met offers at 1.7140 is turning back towards the downside here on a slow start for the week. . Meanwhile, the week is quiet bar the main event and analysts at Investec Bank explained that there is very little out on the data front today so it’s likely the market will continue to be driven by the result of Thursday’s impressive payroll figures. “However, the main event of the week will be when the Monetary Policy Committee makes its July announcement at midday on Thursday. This will be the first MPC meeting since Mark Carney’s Mansion House speech, when the BoE Governor warned that interest rates could rise sooner than markets were expecting. However the motivation behind the statement is likely to have been to warn markets of a general trend, not an imminent event. Accordingly policy looks set to be held steady again for now, with the Bank rate on hold at 0.5% and the stock of asset purchases at £375bn”.
GBP/USD Levels
Current price is 1.7129, with resistance ahead at 1.7131 (Yesterday's Low), 1.7133 (Daily Classic S1), 1.7137 (Hourly 20 EMA), 1.7150 (Hourly 100 SMA) and 1.7157 (Daily Classic PP). Next support to the downside can be found at 1.7116 (Weekly Classic PP), 1.7108 (Daily Low), 1.7107 (Daily Classic S2), 1.7106 (Weekly Low) and 1.7091 (Hourly 200 SMA).