GBP/USD
The cable is facing resistance at 20 DSma. In yesterday's session, the pair touched the 20DSma and moved to lower levels. In toady's session, the pair opened on a mild bearish note, higher at 1.7076 levels. The pair looks weak until it trades below that. The pair has strong support at 1.7037-1.70 levels. A break below 1.70, the cable will fall to 1.6950, 1.6923 and 1.6880 levels. A day close below 1.6950 levels, the short-term trend turns to bearish. If the pair manages to sustain above 1.72, fresh longs will be triggered towards 1.7330 levels.
Support 1.70, 1.6950
Resistance 1.71, 1.72
For an intraday basis, the cable is trading below the hourly moving averages. The pair has support at 1.7070, 1.7056 (9hr low). On the high side, it has resistance at 1.7085, 1.7096 and 1.71040 levels. We recommend to go long only above 1.7104 for targets at 1.7133, 1.7144, 1.7150 and 1.7166 levels.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Technical analysis of GBP/USD for July 22, 2014 . Thanks for your support on Technical analysis of GBP/USD for July 22, 2014
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