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July 31, 2014

GBP/USD Daily forex post July 31, 2014

Posted by: ffs @ 03:00 GMT Category: Daily Forex,GBP/USD,Signals

GBP/USD Technical view

Updated:  July 31, 2014 3:00:47 GMT
SPOT GBP/USD Previous day OHLC
Open High Low Close Change
1.6943 1.6955 1.6887 1.6913 -0.0030
Today's Support and Resistance
R3 1.7110
R2 1.7060
R1 1.6960
S1 1.6910
S2 1.6800
S3 1.6770

Sterling reversed about half its earlier losses to settle above key trendline supports at 1.6910. The pair could have found supports in the near term and could rally to test trendline resistances at 1.7050- 1.7100 hereon. However, a close below the supports and the UK currency will slide to 1.6770- 1.6800

Trend direction

  • Short term: Bullish
  • Medium term: Bearish
  • Long term: Bearish

Trading Recommendations

  • Short:

    • N/A
  • Long:

    • Hold on to long positions initiated at 1.6910 with stops at 1.6870 and targets of 1.7050
Post ID: 9669
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