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GBP/USD: Still bearish
• GBP/USD remains weak, as can be seen by the recent new lows (1.6786 intraday) below the hourly support at 1.6814 (01/08/2014 low). A break of the resistance at 1.6893 (01/08/2014 high) is needed to suggest exhaustion in shortterm selling pressures. Another resistance can be found at 1.6955 (30/07/2014 high).
• In the longer term, the break of the major resistance at 1.7043 (05/08/2009 high) calls for further strength. Resistances can be found at 1.7332 (see the 50% retracement of the 2008 decline) and 1.7447 (11/09/2008 low). A key support stands at 1.6693 (29/05/2014 low, see also the 200 day moving average).
EUR/USD: Lower range holds
• EUR/USD is holding the low implied by Wednesday’s hammer. Coupled with the proximity of the key support at 1.3296, a shortterm rebound is likely. Resistances can be found at 1.3444 and 1.3503 (05/06/2014 low). An hourly support stands at 1.3333 (06/08/2014 low).
• In the longer term, EUR/USD is in a succession of lower highs and lower lows since May 2014. The downside risk is given by 1.3210 (second leg lower after the rebound from 1.3503 to 1.3700). A strong support stands at 1.3296 (07/11/2013 low). A key resistance lies at 1.3549 (21/07/2014 high).
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