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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 and 1.7000 failed to provide enough support for the pair. Hence, the bears had potential bearish target around 1.6970 then 1.6920 which is being approached today.
DAILY Fixation below 1.6980-1.7000 applied intensive bearish pressure on the price zone of 1.6920-1.6900 leading to its breakdown.
Price levels around 1.6820 remains the nearest support level to meet the pair as it corresponds to the previous significant top established in February 2014.
Price action should be watched around 1.6820 to consider the next destination of the GBP/USD pair.
Mohamed Samy is taking part in the “Analyst of the Year” award organized by MT5.com portal. If you like his article, please vote for him.
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Performed by Mohamed Samy, Analytical expert InstaForex Group © 2007-2014 |
GBP/USD intraday technical levels and trading recommendations for July 30, 2014
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