Forex trading signals and analysis for GBPUSD – 29 Jul 2014

Forex trading signals and analysis for GBPUSD – 29 Jul 2014

Analysis:

As noted in yesterday comment, we saw some recovery in GBPUSD and expected the Pound will rebound after falling down for 8 days. Last night, GBPUSD tried to break out to move up further but could not break 1.7000 zone. However, the Cable hold firmly above 1.69700.

Today is another quiet day with no major news or event on schedule so we dont expect the market will move fast and the trading range will be tight. However, the trader should keep an eye on Russia/Ukraine and Israel/Gaza conflicts as well as Agentina debt crisis which could move the market.

GBPUSDDaily - 29 Jul 14

Forex Trading Signal:

Will will continue to watch for buy signals around 1.6970 zone today. We expect GBPUSD will move down to test 1.6960 level again.

Resistant zone:

+1.7300 – 1.7330

+1.7200

+1.7040 – 1.7065

+1.70

Support zone:

+1.6920 – 1.6960

+1.6820

+1.6700 – 1.67300

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