GBP/USD Analysis - July 17, 2015
Current Exchange Rate: 1.5616 at the time of analysis update.
Intraday outlook: .
GBP/USD tried to move up after getting support over 200-day moving average during past 7 trading days but past 3 days price action is clearly indicating the fear for the upward moves. first a resistance at 1.5675 and then a failure to retest it when the pair failed at 1.5673.
We remain in favor for further decline.
On the upside, resistance is expected at or below 1.5660 and with that resistance in place we expect a decline first towards 1.5550. Any break below 1.5535 should extend the decline towards 1.5570.
Please also note that the currency pair has already completed 61.8% Fibonacci retracement level and that too indicates the possibilities for the decline to resume.
Do also check all updates of GBP/USD analysis and outlook.
GBP/USD Daily and Hourly Charts
GBP/USD Hourly Chart
GBP/USD Daily Chart
Further Resources and notes
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(For Carry Trades)
GBP/USD Resistance and Support with Daily Pivot Points (Values at GMT 00:00)
Last Updated (Friday, 17 July 2015 03:32) GMT
|Standard Pivot Point for GBP/USD||Fibonacci Pivot Point for GBP/USD||Woodie Pivot Point for GBP/USD||Camarilla Pivot Point for GBP/USD|
GBP/USD's Correlations with other currency majors
|GBP/USD Correlation Values:|
|GBP/USD Correlation Graph:|
Notes and caution about Forex analysis for GBP/USD
The daily GBP/USD analysis is not just based on technical indicators but also takes into account the overall price action and other aspects which can affect the Forex market in general and GBP/USD price action specifically. Please also note that many times the price mentioned at the time of analysis update maybe different than the entry level suggested. These positions would mean limit orders for buying or short-selling. Hence please do not treat this analysis just as trading signals for GBP/USD.
However, please note that the analysis reflects our views about the currency market based various factors. Forex trading is a speculative market and the price may always have unpredictable moves. We cannot take the responsibility for any losses dues to and positions taken based on our views.
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