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August 8, 2014

GBP/USD Daily forex post- US session August 8, 2014

Posted by: ffs @ 13:26 GMT Category: Daily Forex,GBP/USD,Signals

GBP/USD Technical view

Updated:  August 8, 2014 13:27:07 GMT
SPOT GBP/USD Previous day OHLC
Open High Low Close Change
1.6850 1.6864 1.6821 1.6832 -0.0021
Today's Support and Resistance
Resistance
Support
R3 1.7080
R2 1.7060
R1 1.6950
S1 1.6830
S2 1.6790
S3 1.6720

Sterling extending losses versus the dollar, holding near key trendline supports at 1.6790. Close below and the UK currency could decline to the bottom end of the long term bullish channel at 1.6700- 1.6720. Looking for a pullback to 1.6950 on the back of short covering

Trend direction

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

Trading Recommendations

  • Short:

    • N/A
  • Long:

    • Long Sterling at 1.6790 with stops at 1.6750 for targets of 1.6950 * * Current market price- 1.6790
Post ID: 9783
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