GBPUSD Daily Forecast Aug 12 2014


Further downside is in sight : With the key resistance 1.6888 intact , further downside¬†couldn’t be ruled out , next support comes at the 1.6783 levels , sustained trading – daily closing – below this level will accelerate the bearish move towards the 1.6692 levels , we might see hesitation , but losing this level will bring a free fall towards the 1.6600/1.6550 levels before the next possible rise…

On the upside , resistance comes at the 1.6820 levels ahead of the 1.6888 levels , break of the 1.6888 levels will bring strong recovery towards the 1.7052/1.7085 levels before the next fall , break of the 1.7085 levels will completely reverse risks towards the 1.7190 levels and possible higher towards the 1.7320 levels……..

In all , as long as resistance 1.6888 holds on a daily closing basis , outlook in GBPUSD remains on the downside towards the 1.6690 levels and possible lower towards the 1.6600 levels…..Above the 1.6888 levels will reverse risks towards the towards the 1.7050/1.7085 before the next possible fall…….


GBPUSD Daily Forecast Aug 12 2014