Back
1 Jul 2014
GBP/USD hits fresh highs as Mfg PMI beats expectations
FXStreet (Córdoba) - The GBP/USD broke to fresh multi-year highs during the European session, underpinned by a better-than-expected UK PMI reading.
The Cable gathered momentum and rose to its highest levels since October 2008 after data showed UK manufacturing PMI rose to 57.5 in June versus 56.8 expected, supporting the BoE expectations that UK growth will top 3% in 2014. It also strengthens the view the central bank could raise rates before year-end.
The GBP/USD climbed to a peak of 1.7132 and it was last up 0.13% at 1.7025.
GBP/USD levels to watch
In terms of technical levels, above 1.7032, next resistances could be found at 1.7196 (Oct 21 2008 high) and 1.7200 (psychological level). On the other hand, supports are seen at 1.7095 (Jul 1 low), 1.7030 (10-day SMA) and 1.7007 (Jun 30 low).
The Cable gathered momentum and rose to its highest levels since October 2008 after data showed UK manufacturing PMI rose to 57.5 in June versus 56.8 expected, supporting the BoE expectations that UK growth will top 3% in 2014. It also strengthens the view the central bank could raise rates before year-end.
The GBP/USD climbed to a peak of 1.7132 and it was last up 0.13% at 1.7025.
GBP/USD levels to watch
In terms of technical levels, above 1.7032, next resistances could be found at 1.7196 (Oct 21 2008 high) and 1.7200 (psychological level). On the other hand, supports are seen at 1.7095 (Jul 1 low), 1.7030 (10-day SMA) and 1.7007 (Jun 30 low).