The pair has been making lower lows and lower high for 6 weeks. Currently in Asia's session, the pair is trading at a 6-week low. The cable has parallel support at 1.6739 and 1.6699. A break below 1.6699 will lead to 1.666 and 1.6540 in the short term. Until the pair closes below 1.6875, sell on an up move. So, we will raise profit in the short term with a downside target of 1.666 and 1.6550. For the month of August, the support levels existed at 1.6699 breaks below this. It will lead to another fall to the short-term strong support levels between 1.6653 and 1.6640.
Resistance 1.6890 1.6938 1.6980
Support 1.6739 1.6699 1.6650
Intraweek -
The price is closing below the key hourly moving averages. Until the price closes below 1.6826, selling on an upward move will be quite gainful.
Resistance 1.677, 1.6802, and 1.6826.
Support 1.6739, 1.6723, and 1.67.
Buy only above 1.6825, until then sell on an up move.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Short term forecast and intra week recommendations of GBP/USD for August 12, 2014 . Thanks for your support on Short term forecast and intra week recommendations of GBP/USD for August 12, 2014
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