GBP/USD intraday technical levels and trading recommendations for August 11, 2014

Intraday resistance was established around 1.7150-1.7190. A short-term SELL position was suggested in the previous articles.

The price levels of 1.7050 - 1.7000 failed to provide enough support for the pair. Hence, the bears had potential bearish target around 1.6970 and then 1.6920.

DAILY fixation below 1.6980-1.7000 applied intensive bearish pressure on the price zone of 1.6920-1.6900 leading to its breakdown as well.

Bullish recovery was evident around 1.6800 - 1.6820 manifested during the previous visit (Monday's daily candlestick) 

However, this price zone failed to provide support during the 2nd visit that took place on Friday exposing price level of 1.6765 for retesting.

Price levels around 1.6800-1.6820 will probably offer a valid SELL entry at retesting. SL should be set as daily closure above 1.6860.