Trading recommendations :
- According to the previous events, the GBP/USD pair is going to move between the level of 1.6880 and 1.6790.
- The resistance is set at the level of 1.6894. Consequently, the market will indicate a bearish opportunity below 1.6894, because the level of 1.6894 is going to act as strong resistance today.
- Accordingly, it will be a good sign to sell below this level today with the first target of 1.6830 in order to test the daily pivot point in H1 chart.
- Moreover, if the trend succeeds to close below 1.6830, then the market will be continuing in a downtrend below the weekly support level towards the level of 1.6760.
- But the stop loss should be placed above 1.6900 at the price of 1.6925.
Intraday technical levels :
- Projected high:1.6915
- Strong resistance (sell limit):1.6894
- Current pivot:1.6830
- Strong support (buy limit):1.6756
- Projected low:1.6733
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 August 7, 2014 . Thanks for your support on Technical analysis of GBP/USD for August 7, 2014
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