06.08.201413:53 Forex Analysis & Reviews: GBP/USD intraday technical levels and trading recommendations for August 6, 2014

Long-term review

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Intraday resistance was established around 1.7150-1.7190. A short-term SELL position was suggested in the previous articles.

The price levels of 1.7050 - 1.7000 failed to provide enough support for the pair. Hence, the bears had potential bearish target around 1.6970 then 1.6920.

DAILY fixation below 1.6980-1.7000 applied intensive bearish pressure on the price zone of 1.6920-1.6900 leading to its breakdown as well.

The price levels around 1.6820 remains the nearest support level to meet the pair as it corresponds to the previous significant top established in February 2014.

Bullish recovery was evident around 1.6800 - 1.6820 manifested during the previous visit (Monday's daily candlestick).

This determines the price zone as a valid BUY entry with SL just below 1.6770.

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