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August 10, 2014

GBP/USD Daily forex post August 11, 2014

Posted by: ffs @ 11:14 GMT Category: Daily Forex,GBP/USD,Signals

GBP/USD Technical view

Updated:  August 10, 2014 11:14:49 GMT
SPOT GBP/USD Previous day OHLC
Open High Low Close Change
1.6830 1.6834 1.6764 1.6772 -0.0060
Today's Support and Resistance
R3 1.6960
R2 1.6830
R1 1.6800
S1 1.6740
S2 1.6720
S3 1.6600

Sterling continued its descent versus the dollar, settling below key trendline supports at 1.6800. The day's session will be important as the UK currency will either breakout of trendline resistances at 1.6800 and rise to 1.6960 or extend its decline to the bottom end of the long term bullish channel at 1.6720, where they are likely to be capped

Trend direction

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

Trading Recommendations

  • Short:

    • N/A
  • Long:

    • Exit long Sterling positions initiated at 1.6790 with stops at 1.6750 at 1.6790* * Exit long trades at breakeven
    • Long Sterling at 1.6720 with stops at 1.6670 for targets of 1.6950
Post ID: 9792
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