Overview:

• The resistance of the GBP/USD pair has been already set at the level of 1.7166 as well as the support has been set at 1.7110. So,depending on the previous proceedings, the price is going to move between the level of 1.7110 and 1.7166, then it should be noted that the range will be around 56 pips today. Consequently, the trend in the H1 time frame is calling for a bearish market at the level of 1.7166 because this level is representing the last wave of the GBP/USD pair on July 4, 2014. Hence, below the price of 1.7166 look for further downside move with targets at 1.7135, thereafter the price will continue towards 1.7110 or lower. On the contrary, buy above 1.71 in the short term of the same day with the first target at 1.7165; if the trend will be able to break this strong resistance at 1.7166, it might resume to 1.7185 in order to form a new top this week.

Intraday technical levels:

Date: 4/07/2014

Pair: GBP/USD

• R3: 1.7198
• R2: 1.7188
• R1: 1.7162
• PP: 1.7152
• S1: 1.7126
• S2: 1.7116
• S3: 1.7090