_20140731080345.png "GBP/USD Daily technical analysis July 31, 2014")
currency pair movement [main scenario]
The pair continues to move in the descending trend, similar to the EUR/USD pair we can see a slight correction, Tenkan and Kijun lines are below the price and are moving in parallel, the price is moving below the descending cloud, the further descending movement is being forecast. One should sell the pair below the 1,6940 resistance level, set take profit at these support levels - 1,6900, 1,6885, 1,6865.
currency pair movement [alternative scenario]
If the pair succeeds to break through the 1,6940 resistance level and get fixed above it, in such a case the further ascending movement till these resistance levels - 1,6958, 1,6980 is quite possible.
LEVELS
Resistance: 1,6940; 1,6958; 1,6980.
Support: 1,6900; 1,6885; 1,6865.
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