The pair GBP/USD is moving sideways between 1.6584 - 1.6823. The pair has broken and closes below the 200DMA on September 2008 and move much lower. The pair attempted 2 times to close above this level, but resulted unsuccessful. From last 2 months the pair was consolidating near the 200DEMA and finally closed above the major resistance level. It gives a fresh breakout thoughts towards much higher levels 1.7025 and 1.7335 .
Upside
The strong support level exists at the level of 1.6584. In the H4 chart, the pair is trading at the level 1.6726 in the Asia's trading session. The 21DEMA level 1.6718 is giving support below that, 1.6706 and 1.6698 is the strong reversal level. Until the price holds the 1.6584 level, we assume 1.725 will be an open target.
Downside
If the price breaks the 1.6584 level, on the downside the pair will travel up to 1.6383 levels with interim support at 1.65787, 1.65384, 1.6426. Currently the oscillators in the daily chart don't favor to major up move. Before the price moves to much higher levels, the pair will correct a bit. The pair will get more strength if it trades above the level of 1.6786 Friday's high. If it's not crossed, the pair will correct up to 1.6643, 1.6571 and 1.6538.
INTRADAY
S1 1.6718 R1 1.6748
S2 1.6698 R2 1.6786
S3 1.6641 R3 1.6823
POSITIONAL
S1 1.6641 R1 1.6786
S2 1.6584 R2 1.6823
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 10, 2014 . Thanks for your support on Technical analysis of GBP/USD for March 10, 2014
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