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August 3, 2014

GBP/USD Daily forex post August 4, 2014

Posted by: ffs @ 06:11 GMT Category: Daily Forex,GBP/USD,Signals

GBP/USD Technical view

Updated:  August 3, 2014 6:11:33 GMT
SPOT GBP/USD Previous day OHLC
Open High Low Close Change
1.6885 1.6893 1.6814 1.6820 -0.0064
Today's Support and Resistance
Resistance
Support
R3 1.7060
R2 1.6960
R1 1.6930
S1 1.6800
S2 1.6780
S3 1.6700

Sterling completed another losing session on Friday, ending the last 12 out of 13 sessions in the negative. The pair is however likely to find supports at the bottom end of the medium term bullish channel at 1.6780- 1.6800 and is likely to rebound anywhere between 1.6950- 1.7050 during the week. Look to initiate long trades at the supports

Trend direction

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

Trading Recommendations

  • Short:

    • N/A
  • Long:

    • Long the pair at 1.6800 with stops at 1.6750 for targets of 1.6920
Post ID: 9703
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