FX.co ★ Weekly forecast and an intraday analysis of GBP/USD for July 07-11, 2014

GBP/USD

Overview-

The pair has been in a highly bullish zone, moving towards the 50.0 fib level at 1.7330 (monthly chart). The monthly momentum indicator is almost near the pervious peek made on November 2011 2.1161 levels. With the help of this, we can expect the pair in the short term to head around 1.73 levels. On the downside, the pair has strong support at 1.6690. The medium-term trend will become negative below 1.6690 levels. The monthly key support level is at 1.7043 levels.

Weekly July- 07-11

The pair opened with a mild bearish note in Asia's session as of now. We recommend to go, fresh longs, only above 1.7167 or previous week's high at 1.7180. On the down side, it has support at 1.7130, 1.7095, breaking below this, it will test its monthly support level at 1.7043. The daily RSI is indicating an overbought sign. The weekly support is between 1.7020-1.70 for July 07-11, 2014.

Note- cmp 1.7148.

Buy above 1.7080.

Intraday- cmp 1.7163.

The cable is trading below the hourly moving averages. It has last support at 1.71 levels, below this, it can fall to 1.7050, 1.7020 levels. We recommend to buy above 1.7167, safe buyers, only above 1.7180 levels. The hourly RSI is indicating a down move.