Overview :
- The trend of the GBP/USD pair was not stable because the trend has been moving between 1.7150 and 1.7095 since the 1st of July, 2014. Accordingly, it is wise to be careful in this area (1.7150 - 1.7095). So, the first step is waiting at this spot before investing. As a result, the GBP/USD pair might start showing the signs of the bullish market at the level of 1.7054 which represents the weekly support 1. In other words, it will be a good sign to buy above the price of 1.7054 with the first target of 1.7116 in order to test the weekly pivot point. It will call for uptrend to continue its bullish movement towards 1.7179 for forming the double top in H1 chart. However, the pair could not break 1.7179 (the double top). Consequently, the market will indicate a bearish opportunity at the spot of 1.7180. Thus, the level of 1.7180 will act as strong resistance today. For that, it is providing a clear signal for sell deals with the target seen at 1.7110. On the other hand, the stop loss should be placed above 1.7075.
Intraday technical levels :
Date and time:10/07/2014 13:49
Pair:GBP/USD
- R3: 1.7246
- R2: 1.7203
- R1: 1.7179
- PP: 1.7136
- S1: 1.7112
- S2: 1.7069
- S3: 1.7045
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 10, 2014 . Thanks for your support on Technical analysis of GBP/USD for July 10, 2014
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