GBP/USD holds near 6-year highs

Ani Salama FXStreet

FXStreet (Córdoba) - The GBP/USD remains near 6-year highs, having managed to close last week above the 1.7000 mark and underpinned by solid manufacturing data from China.

The greenback trades a tad softer across the board amid better sentiment after China’s HSBC PMI came in at a 7-month high of 50.8, first time above the 50 mark this year. The dollar also continues to suffer after a FOMC meeting last week, which offered little indication the Fed will hike rates anytime soon, contrasting BoE's recent comments.

The GBP/USD rose to a daily high of 1.7048 and it is currently trading at the 1.7040 zone, 0.18% above its opening price.

GBP/USD levels to watch

Immediate resistance levels for the Cable line up at 1.7062 (2014 high Jun 19), 1.7100 (psychological level) and 1.7180 (Oct 10 2008 high). On the flip side, supports are now seen at 1.7000 (psychological level), 1.6947 (10-day SMA) and 1.6920 (Jun 18 low).

Author

Ani Salama

FXStreet

Ani Salama is an Economist specialized in financial markets and statistics analysis. In 2010, she joined FXstreet where she now contributes with the news section.

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