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2 Aug 2016

GBP/USD makes fresh highs above 1.3350

GBP/USD gathered renewed momentum and extended to fresh 2-week highs above 1.3300 during the American afternoon, as the dollar trades lower across the board.

After a short-lived advance above the 1.33 mark, GBP/USD made another attempt and rallied to a peak of 1.3356, last seen July 15. At time of writing, the pair is trading at 1.3340, recording a 1.27% gain on the day.

However, investors might be reluctant to push Cable higher ahead of the Bank of England policy decision on Thursday, with consensus looking for a 25 bps rate cut, while some analysts expect the bank to expand their bond purchases by £50 billion to £425 billion.

GBP/USD technical levels

In terms of technical levels, next resistances are seen at 1.3400 (psychological level) and 1.3480/82 (Jul 15 high/Jun 27 high) ahead of 1.3500 (psychological level). On the flip side, immediate supports could be found at 1.3170 (Aug 2 low), 1.3146 (20-day SMA), 1.3056 (Jul 26 low) and 1.2970 (Jul 12 low).

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