FX.co ★ Technical analysis of GBP/USD for July 1, 2014

Trading recommendations:

• The GBP/USD pair in the short term.
• The resistance has already set at the level of 1.7124 and the support has placed at 1.7077 on July 1, 2014.
• So, according to the previous events, the price has still been trapped between 1.7103 and 1.7080, then it should be noted that the range will be around 50 pips today.
• Consequently, the trend in the H1 time frame is calling for a bearish market at the level of 1.7077.
• Hence, below the price of 1.7077 look for further downside move with targets at 1.7110, if it can break the support for today (1.7110), thus the price will continue towards 1.7073.
• On the other hand, buy above 1.7073 in the short term of the same day with the first target at 1.7130; it might resume to 1.7164 tomorrow in order to test the strong resistance of this week.