empty
 
 
31.07.2014 08:18 AM
Technical analysis of GBP/USD for July 31, 2014

This image is no longer relevant

Technical outlook and chart setups:

1. The GBP/USD tested 1.6900 yesterday before closing the day above 1.6900. Finally it looks like the pair has finished its first down leg, and a meaningful retracement can be expected towards 1.7080 levels.

2. Support is seen at 1.6880 (interim), followed by 1.6750 and lower while resistance is seen at 1.6950, followed by 1.7000 and higher respectively.

3. The structure indicates that GBP/USD could stage a counter rally into 1.7080 levels before reversing.

Trading recommendations:

Long now, stop at 1.6850, target is at 1.7080.

Good luck!

Summary
Urgency
Analytic
InstaForex Analyst
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback