FX.co ★ Technical analysis of GBP/USD for August 14, 2014

Overview:

• The first key level will set at the price of 1.6730 and the second key level will set at the 1.6771 level today. Also, it should be noted that both levels represent the weekly resistance 1 and resistance 2 respectively. Equally important, the weekly pivot point sets at the price of 1.6809. Moreover, the price of the GBP/USD pair has still been moving between 1.6657 and 1.6730. Additionally, it should be mentioned that the range will be about 58 pips today. As a further matter, the trend is very clear and indicating upward move. Accordingly, we expect that the trend is going to call for the bearish market at the level of 1.6730. As a result, buy at the price of 1.6730 with the target of 1.6657 in order to test the double bottom in H4. On the other hand, your stop loss should be placed above the weekly pivot point which sets at the 1.6809 level. Thus, it will helpful to set it at the price of 1.6833 this week.

Intraday technical levels:

Date:14/08/2014

Pair:GBP/USD

• R3: 1.6946
• R2: 1.6880
• R1: 1.6826
• PP: 1.6760
• S1: 1.6706
• S2: 1.6640
• S3: 1.6586