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01.07.2014 12:06 PM
Technical analysis of GBP/USD for July 1, 2014

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Trading recommendations:

  • The GBP/USD pair in the short term.
  • The resistance has already set at the level of 1.7124 and the support has placed at 1.7077 on July 1, 2014.
  • So, according to the previous events, the price has still been trapped between 1.7103 and 1.7080, then it should be noted that the range will be around 50 pips today.
  • Consequently, the trend in the H1 time frame is calling for a bearish market at the level of 1.7077.
  • Hence, below the price of 1.7077 look for further downside move with targets at 1.7110, if it can break the support for today (1.7110), thus the price will continue towards 1.7073.
  • On the other hand, buy above 1.7073 in the short term of the same day with the first target at 1.7130; it might resume to 1.7164 tomorrow in order to test the strong resistance of this week.
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