Daily Forecast - 08 July 2014
GBPUSD
GBPUSD is at quite a crucial trend line support area at 1.7125/20 as you can see in the chart above. Yesterday we held above Thursday's low at 1.7097/92 but below here is a negative signal today especially with the pair so severely overbought & targets support at 1.7065/60. Use this as a short term buying opportunity with a low for the day expected today. However a break lower perhaps later in the week is looking increasingly likely so our longs need stops below 1.7040.
Above 1.7125/20 is more positive & may even allow a retest of the highs at 1.7175/80. On a break higher today we look for 1.7195/00 then 1.7225. Any further gains this week could target 1.7260/65.
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