Wednesday, August 3, 2011

GBP/USD Intraday Technical Levels - August 3, 2011


The GBP/USD traded in a tight range between the 1.6250 (that acts as a strong support) to the 1.6325 level; however we've spotted the "Triple Bottom pattern" at the 60-minute chart at the GBP/USD include the MACD Crossing Line already straight up (the purple lines); this situation gives an indication for upside momentum for the GBP/USD.

The 1.6300 (the round number) and the 1.6325 seems to be tested. If the 1.6325 can break, the 1.6425 will be the first target and the 1.6500 will be the the second target. 

On the other hand, if the 1.6225 can be broken the 1.6200 will be the first target and the 1.6175 will be the second target.

Performed by Arief Makmur, Analytical expert
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