Forex Technical Analysis of GBPUSD for August 01, 2014

Forex Technical Analysis of GBPUSD for August 01, 2014 - Update

According to forex technical analysis for the exchange rate GBPUSD, the overall technical view remains the same.

Τhe exchange rate continues to show weakness and it seems difficult to make a reaction.

All the critical levers for today are as follows:

4H Chart

The area 1.6885 – 1.6900 is a neutral zone.

If price moves below the neutral zone our trading targets will be: 1.6800, 1.6750.

If price moves upward and close above the neutral zone our trading targets will be: 1.6930, 1.6960, 1.7000, 1.7050.

1H Chart

The area 1.6870 – 1.6880 is a neutral zone.

If price moves below the neutral zone our trading targets will be: 1.6840, 1.6800.

If price moves above the neutral zone our trading targets will be: 1.6900, 1.6925, 1.6950, 1.7000.

 

We note the need to use stop loss levels. After all the above informations we can design a forex trading strategy in order to follow, which will have based on forex technical analysis.

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