GBP/USD: Weekly Technical Analysis For July 14-18, 2014

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The Great Britain Pound slipped against the green back during last weeks trading session after reports earlier in the week showed that manufacturing production in the U.K. fell 1.3% in May, the fastest decline in 16 months. The weak data prompted investors to pare back long positions on the pound, but losses were held in check as the negative reports did little to alter expectations that the Bank of England will hike interest rates before the end of the year. The BoE left rates on hold at 0.5% following its policy meeting on Thursday, as widely expected, and kept the size of its asset purchase program unchanged at 375 billion.


Technically weekly bias remains on the upside in the big term picture, a break of 1.71753 resistance would resume the bullish trend in the pair to 1.73000 psychological zones.  However medium term picture remains bearish as long as 1.71753 resistance holds, a break of 1.70842 supports could see further supply to 1.69512.


In the week ahead, investors will be watching testimony by Federal Reserve Chair Janet Yellen and BoE Governor Mark Carney. U.K. data on inflation and employment will also be in focus.

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