Trading recommendations :
- As it is known, sellers are asking for a higher price as well as buyers are bidding at a lower price. Therefore, the first key level will set at the level of 1.6880 and the second key level will set at the 1.6866 level today. Moreover, it should be noted that the level of 1.6930 represents resistance and the 1.6766 level is going to act as support in H1 chart. Equally important, the price of the GBP/USD pair has still been moving between 1.6905 and 1.6835. Additionally, it should be noted that the range was about 178 pips last week. Furthermore, the trend was very clear indicating a downward bias. Accordingly, we expect that the trend is going to call for the bearish market at the level of 1.6878 (the weekly pivot point). As a result, sell at the price of 1.6880 with the first target of 1.6812 (the double bottom) which might resume to 1.6756 in order to test weekly support 1. On the other hand, your stop loss should be placed above the 1.6950 level, hence it will be helpful to set it at the price of 1.6980 this week.
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 5, 2014 . Thanks for your support on Technical analysis of GBP/USD for August 5, 2014
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