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22.08.201413:00 Forex Analysis & Reviews: Technical analysis of GBP/USD for August 28, 2014

Long-term review

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Overview:

The market has been in a downtrend since yesterday and started dropping form the level of 1.6628. Also, it should be noted that the price of the GBP/USD pair opened below the weekly resistance 1 at the level of 1.6628. Additionally, the double top sets at 1.6622 in H1 chart. Therefore, the market will probably indicate a bearish opportunity at the level of 1.6622 or/and 1.6630 in the short term. According to the previous events, the price is going to move between the levels of 1.6622 and 1.6566. The level of 1.6566 is going to represent the double bottom and the strong support will be set at the 1.6554 level. Therefore, the area below 1.68630 (the weekly resistance 1) looks for further downside with the first target at the 1.6566 (the double bottom) level and continue towards 1.6554 in order to test the weekly support in H1 chart. However, the stop loss should be placed at the price of 1.6653.

Intraday technical level:

Date:22/08/2014

Pair:GBP/USD

Projected high:1.6720
Breakout (buy stop):1.6665
Strong resistance (sell limit):1.6635
Current pivot:1.6581
Strong support (buy limit):1.6527
Breakout (sell Stop):1.6502
Projected low:1.6452

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