The pair was unable to cross the resistance level of 1.6822, made a low at 1.6584. The pair is trading above the EMAs that indicates a strong uptrend. Currently, the pair is trading in a range between 1.6823 and 1.6584, further move will be detmined by a breakout to either side.
On the lower side, if the price breaks the level of 1.6620 immediate supports exists at the 1.6552 and 1.6519. Major weakness happens a day if the price break and close below the level of 1.6519 towards 1.6357, 1.6257, and 1.6113.
On the upper side, if the price brakes above the level of 1.6823, we can see the higher levels towards 1.6747, 1.6841, and 1.700.
Intraday- If the pair trades above the level of 1.6675, it turns into buy mode towards the upside at 1.6683, 1.6695, and 1.6710-1.6715 on an intraday basis, until it looks weak towards lower levels.
S1 1.6651 R1 1.6675
S2 1.6632 R2 1.6770
S3 1.6519 R3 1.6823
Positional- In the weekly and daily charts, the oscillators are giving an overbought indication. A day close below 1.6632 indicates signs of weakness, supports exist at the level of 1.6620, 1.65520, and 1.6512. In the hourly chart, the pair is trading below the moving averages that indicates weakness still exist.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on market trends you may visit via Technical analysis of GBP/USD for March 05, 2014 . Thanks for your support on Technical analysis of GBP/USD for March 05, 2014
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