Tuesday, 19 August 2014

GBP/USD Medium Term Technical Analysis AUG'14

GBP/USD Medium Term Technical Analysis:

                 GBP/USD pair showed some impulse move from last year JULY '13 to this year JULY '14. Lot of technical analyst are still BULLISH on this pair. As per our point of view GBP/USD going to side ways for remaining months of 2014.

                  After continuous five week weakness this pair breached the support of 1.6713 last week and close below this support level. Due to Bullish pressure on this pair Opening of this week above 1.6713 support level. We need to close look at this week close, If close of this week below 1.6713 level we can expect 1.6480 level as next target.

                   The most preferable scenario is GBP/USD pair on Neutral.
Note: The above levels are GANN support and Resistance levels.

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