01.08.201404:59 Forex Analysis & Reviews: Intraday recommendation of GBP/USD for August 01, 2014

Long-term review

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The cable pushed towards 20WSma at 1.6857, and is trading above that. In yesterday's session, the cable hit the 61.8 fib level and exactly closed at that level. The daily momentum oscillators are indicating an oversold level. On the down side, it has strong support at 1.6857, 1.6785 (80 fib level) and 1.6763 (30WSma) levels. Resistance is at 1.6923, 1.6975 and 1.70 levels. Until the pair trades below 1.70, the bears will have the grip in the new month as well.

Support 1.6857 1.6785 1.6763

Resistance 1.6925 1.6955 1.70

Intraday cmp 1.6878

In the Asia's session, the pair is trading below the hourly moving averages, 21HrSma and 34HrSma. Until the prices closes below it, the bears will take the pair this day. The pair made a double top at 1.6893 (8h double top) and was rejected thrice at 35Dema. We recommend to buy only above 1.69 (12ema) for 1.6927 and 1.6945-1.6955. The hourly Stochastics is giving a minor positive divergence in the H4 chart. Traders are eyeing NFP data.

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