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25.07.201416:23 Forex Analysis & Reviews: Intraday technical levels and trading recommendations on GBP/USD for July 25, 2014

Long-term review

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Successive ascending bottoms around 1.6465, 1.6555, and 1.6665 (corresponding to the uptrend line) constituted a solid bullish structure that kept pushing higher.

Lack of bullish momentum and indecision were observed on the daily chart when the pair established a consolidation zone between 1.7050 and 1.7170.

On the other hand, the most dependable DEMAND level located around 1.7050 was broken down yesterday exposing the price levels of 1.7000.

The price levels of 1.6910-1.6920 are the next destination of the current bearish movement provided that the bears manage to push below 1.6950 (prominent bottom).

Bullish fixation above 1.7000 enhanced the bullish channel scenario, thus enabling the bulls to reach 1.7100 and 1.7160 shortly after.

As expected, the price zone between 1.7140 - 1.7170 provided evident bearish price action.

A pattern of multiple tops was confirmed after breakdown of the depicted bullish channel. Moreover, successive bearish targets were hit around 1.7055 and 1.7000.

Risky traders may keep their SELL positions up to the price level of 1.6910 where the next prominent Demand Level is located provided that the bears manage to push below 1.6950 ( prominent bottom ).

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