FX.co ★ GBP/USD intraday technical levels and trading recommendations for July 28, 2014

Bullish breakout above the DAILY bearish channel took place exposing the price levels around 1.6985, 1.6900, and 1.7000 as projection targets.

Bullish pressure was once applied as a trial to break through the upper limit of the 4H movement channel. However, lack of follow-through existed as bullish pressure being applied was not enough to ensure success of the bullish breakout.

On the other hand, Intraday resistance was established around 1.7150-1.7190. A short-term SELL position was suggested in the previous articles with SL located just above 1.7190.

The price levels of 1.7050 failed to provide enough support for the pair. Hence, the bears had potential bearish target around 1.6970 that was hit shortly after.

The GBP/USD pair remains supported by DAILY Levels around 1.7000 where a previous prominent top was established in May ( an important psychological support as well ).

The price level of 1.6920 is the next support level to meet the pair in case the bears managed to fixate below price zone of 1.6970-1.7000.