SWISSQUOTE Daily Technical Report: GBP/USD still bearish

In SWISSQUOTE’S Monday short term technical trading report, the research team outlines the major technical levels of popular currency instruments with forecasts, below is the outline for GBP/USD and EUR/USD. Download the full report by clicking here.

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).

SWISSQUOTE, a member of LeapRate’s globally regulated broker list has the most advanced technology and sufficient liquidity, and its completely transparent foreign exchange trading pattern is unique, which helps ensure its customers trade with the best prices current at the time of the transaction. Swissquote’s financial and economic expert team provides its customers with high-quality technical analysis and research reports every day.

Related News


SWISSQUOTE Daily Technical Report: GBP/USD still bearish


Send this to a friend

Subscribe to LeapRate
Fill out the form below for more information
for lising in LeapRate's Forex Yellow Pages

Please enter the company name, email address to reach you and phone # (optional):

Please fill out the message field to the right for any questions or special inquiry: