GBP/USD: poised to challenge 2017 high

Valeria Bednarik FXStreet

GBP/USD Current price: 1.2822

View Live Chart for the GBP/USD

The Pound remains the strongest against the greenback, having advanced up to 1.2916, its highest for this year. There were some positive news coming from the UK, with macroeconomic data continuing to beat expectations and signaling resilient economic developments to the Brexit scenario. Housing prices rose to a new high in April, up by 1.1% monthly basis, and by 2.2% when compared to a year before. The dollar, ticked higher after the ECB announced its decision to left rates unchanged at -0.4%, but quickly retreated after US data came in below expectations, with unemployment claims and the goods trade deficit higher, and poor Durable Goods Orders in March. Encouraging ECB's Draghi comments over the local economy helped the pair to recover the 1.2900 level, although it's still below the 1.2916 daily high. Bullish according to technical readings, the pair has scope to accelerate above 1.2920 towards 1.2960 first, and up to 1.2710 later on the day, should the greenback remain pressured. In the 4 hours chart, technical indicators have lost momentum, but the RSI holds around 70, whilst the 20 SMA gains upward strength below the current level, providing support at 1.2830.

Support levels: 1.2870 1.2830 1.2795

Resistance levels: 1.2920 1.2960 1.3010

Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

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