GBP/USD
The cable pushed to the key support level at 1.7060. In yesterday's article, we recommended to sell only below 1.7060. The currency pair made a low at the 1.7070 levels. In Asian today's session, the cable is trading at the 1.7083 levels. The daily RSI is indicating a downward sign. As we recommend positional traders to buy only above the 1.7180 levels, the recommendation remains valid. If the cable hits the 1.7060 levels, it can fall to another key support level at 1.70. The bears may take the pair fully into their hands below 1.70 for the nearest possible target at 1.6953, 1.6932, and 1.6920 levels. If the pair closes below 1.6930, the short-term view will turn to negative.
For an intraday basis, the cable is trading below the hourly moving averages, which is not a good sign.
Supports - 1.7080 and 1.7070-1.7060
Resistance - 1.7091 (8-hr high) 1.71 and 1.7120
We can see the clear trend for the near term with the key economic data such as CPI data, BOE governor Carney speech, and Federal chair's Yellen testimony. Please, note the key support level at 1.7060, sell only below this or buy with sl 1.7060. Strong momentum is only above 1.7180 for an upside target at the 1.7330 levels.
Levels to watch 1.7330< 1.7180 < 1.7060 < 1.70 < 1.6930
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Weekly forecast and an intraday analysis of GBP/USD for July 08-11, 2014 . Thanks for your support on Weekly forecast and an intraday analysis of GBP/USD for July 08-11, 2014
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