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12 Aug 2014
GBP/USD rises through 1.6800
FXStreet (Córdoba) - The GBP/USD picked up momentum during the New York session and rose to fresh daily highs above 1.6800.
The Cable took a U-turn after hitting a fresh 2-month low of 1.6756 during the European trade and reversed daily losses rising more than half a cent to a high of 1.6808. With no much data scheduled for today, focus now turns to the Bank of England Quarterly Inflation report to be released tomorrow as investors look for clues about the timing of a rate hike in the UK.
GBP/USD technical levels
At time of writing, the GBP/USD is trading at 1.6805, recording a 0.12% gain, with immediate resistances lining up at 1.6840 (10-day SMA), 1.6863 (Aug 7 high) and 1.6878 (100-day SMA). On the other hand, supports are seen at 1.6756 (Aug 12 low), 1.6737 (Jun 11 low) and 1.6722 (Jun 5 low).
The Cable took a U-turn after hitting a fresh 2-month low of 1.6756 during the European trade and reversed daily losses rising more than half a cent to a high of 1.6808. With no much data scheduled for today, focus now turns to the Bank of England Quarterly Inflation report to be released tomorrow as investors look for clues about the timing of a rate hike in the UK.
GBP/USD technical levels
At time of writing, the GBP/USD is trading at 1.6805, recording a 0.12% gain, with immediate resistances lining up at 1.6840 (10-day SMA), 1.6863 (Aug 7 high) and 1.6878 (100-day SMA). On the other hand, supports are seen at 1.6756 (Aug 12 low), 1.6737 (Jun 11 low) and 1.6722 (Jun 5 low).