The cable has been continuing its losing streak trading at a 5-week low. The cable opened with a gap up in today’s opening deals. Last week, the cable touched the 200DSma and bounced from there. The cable has strong support zone between 1.666-1.6640. The pair again will face heavy selling pressure as soon as it closes below 1.6640. As we recommended to buy at 1.6682 in the survey on August 14th, we still recommend the same. Until the pair closes above 1.6640, the dead cat bounce will take place in the weekly base towards 1.6770 above this, it can fly up to 1.6786 and 1.68 earlier.
Support: 1.666(200DSma) 1.6640 (200DEma)
Resistance: 1.6740 1.6785 1.69
From the bearish view, a daily close below 1.6640 on the down side opens gates for the 1.66, 1.6555 and 1.6465 levels.
For an hourly trading outlook, the price is opened above 12 ema and 4-hour candle closed above 12ema and 21hrSma. Until the price closes above 12ema, bulls will have an upper hand and a strong momentum will take place above 1.6745.
Safe traders should buy above 1.6745 with targets of 1.6760, 1.86, and 1.6850.
Selling at higher levels will be rather profitable.
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 August 18-22, 2014 . Thanks for your support on Weekly forecast and an intraday analysis of GBP/USD for August 18-22, 2014
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