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07.08.2014 01:42 PM
Technical analysis of GBP/USD for August 7, 2014

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Trading recommendations:

  • According to the previous events, the GBP/USD pair is going to move between the level of 1.6880 and 1.6790.
  • The resistance is set at the level of 1.6894. Consequently, the market will indicate a bearish opportunity below 1.6894, because the level of 1.6894 is going to act as strong resistance today.
  • Accordingly, it will be a good sign to sell below this level today with the first target of 1.6830 in order to test the daily pivot point in H1 chart.
  • Moreover, if the trend succeeds to close below 1.6830, then the market will be continuing in a downtrend below the weekly support level towards the level of 1.6760.
  • But the stop loss should be placed above 1.6900 at the price of 1.6925.
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Intraday technical levels:

  • Projected high:1.6915
  • Strong resistance (sell limit):1.6894
  • Current pivot:1.6830
  • Strong support (buy limit):1.6756
  • Projected low:1.6733
Summary
Urgency
Analytic
Mourad El Keddani
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