Technical outlook and chart setups:
1. The GBP/USD tested 1.6900 yesterday before closing the day above 1.6900. Finally it looks like the pair has finished its first down leg, and a meaningful retracement can be expected towards 1.7080 levels.
2. Support is seen at 1.6880 (interim), followed by 1.6750 and lower while resistance is seen at 1.6950, followed by 1.7000 and higher respectively.
3. The structure indicates that GBP/USD could stage a counter rally into 1.7080 levels before reversing.
Trading recommendations:
Long now, stop at 1.6850, target is at 1.7080.
Good luck!
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 31, 2014 . Thanks for your support on Technical analysis of GBP/USD for July 31, 2014
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