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August 12, 2014

GBP/USD Daily forex post August 12, 2014

Posted by: ffs @ 03:04 GMT Category: Daily Forex,GBP/USD,Signals

GBP/USD Technical view

Updated:  August 12, 2014 3:04:50 GMT
SPOT GBP/USD Previous day OHLC
Open High Low Close Change
1.6782 1.6795 1.6767 1.6786 0.0014
Today's Support and Resistance
Resistance
Support
R3 1.6950
R2 1.6900
R1 1.6840
S1 1.6780
S2 1.6740
S3 1.6720

Sterling inched higher versus the dollar in a light session on Monday, settling close to key trendline supports at 1.6780, after breaching the levels briefly. The near term view remains bearish with the pair likely to test supports at the bottom end of the long term bullish channel at 1.6700- 1.6720. Upside for now should be capped around the 1.6800 zone

Trend direction

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

Trading Recommendations

  • Short:

    • N/A

  • Long:

    • Long Sterling at 1.6720 with stops at 1.6670 for targets of 1.6950
Post ID: 9811
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