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13 Aug 2014
GBP/USD advances with focus on UK data
FXStreet (Córdoba) - The GBP/USD has advanced to fresh daily highs as the greenback recedes across the board at the beginning of the European session.
The GBP/USD is extending its recovery from 2-month lows Wednesday with focus on UK data to be released later. June employment data and the BoE Quarterly Inflation Report are on tap today with investors looking for clues about the timing of a rate hike in the UK.
The GBP/USD received a boost and hit a 5-day high of 1.6825 before the 200-hour SMA offered resistance. At time of writing, the Cable is trading at 1.6820, recording a 0.6% gain on the day.
GBP/USD technical levels
In terms of technical levels, immediate resistances could be found at 1.6832 (10-day SMA), 1.6863 (Aug 7 high) and 1.6880 (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 GBP/USD is extending its recovery from 2-month lows Wednesday with focus on UK data to be released later. June employment data and the BoE Quarterly Inflation Report are on tap today with investors looking for clues about the timing of a rate hike in the UK.
The GBP/USD received a boost and hit a 5-day high of 1.6825 before the 200-hour SMA offered resistance. At time of writing, the Cable is trading at 1.6820, recording a 0.6% gain on the day.
GBP/USD technical levels
In terms of technical levels, immediate resistances could be found at 1.6832 (10-day SMA), 1.6863 (Aug 7 high) and 1.6880 (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).