FX.co ★ Technical analysis of GBP/USD for August 7, 2014

Trading recommendations:

• According to the previous events, the GBP/USD pair is going to move between the level of 1.6880 and 1.6790.
• The resistance is set at the level of 1.6894. Consequently, the market will indicate a bearish opportunity below 1.6894, because the level of 1.6894 is going to act as strong resistance today.
• Accordingly, it will be a good sign to sell below this level today with the first target of 1.6830 in order to test the daily pivot point in H1 chart.
• Moreover, if the trend succeeds to close below 1.6830, then the market will be continuing in a downtrend below the weekly support level towards the level of 1.6760.
• But the stop loss should be placed above 1.6900 at the price of 1.6925.

Intraday technical levels:

• Projected high:1.6915
• Strong resistance (sell limit):1.6894
• Current pivot:1.6830
• Strong support (buy limit):1.6756
• Projected low:1.6733