Intraday recommendation of GBP/USD for August 01, 2014



The cable pushed towards 20WSma at 1.6857, and is trading above that. In yesterday's session, the cable hit the 61.8 fib level and exactly closed at that level. The daily momentum oscillators are indicating an oversold level. On the down side, it has strong support at 1.6857, 1.6785 (80 fib level) and 1.6763 (30WSma) levels. Resistance is at 1.6923, 1.6975 and 1.70 levels. Until the pair trades below 1.70, the bears will have the grip in the new month as well.

Support 1.6857 1.6785 1.6763

Resistance 1.6925 1.6955 1.70

Intraday cmp 1.6878

More analysis - at instaforex.com