The pair has been consolidating for 3 days. Finally, the pair stood above yesterday's closing. The 50.0 fib level gave enough support to push the prices up. The currency pair has strong resistance at 1.6636 (200DEma), a daily close above 1.6636 opens gates for 1.6680 (200DSma and 38.2 fib level) and 1.67 or 20DSma. This week, the pair has hit the 50WSma, but it manages to trade above that.
In case a weekly close is below 1.6570, the fall will continue. - Pending
In case a daily close is above 1.6640, the weekly trend turns to positive. - Pending
For an intraday session, the prices are closed and trading above 12ema and 21hrsma. The pair has the nearest resistance at 1.6613; above this 1.6625 is an open target. Until the pair closes above 1.6552 (35DEMA), the pull back will be in action.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Intraday trading recommendations on GBP/USD for August 28, 2014 . Thanks for your support on Intraday trading recommendations on GBP/USD for August 28, 2014
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