GBP/USD Morning Technical Report 21/8/2014
ecPulse
2014-08-21 09:40AM UTC
The pair dropped after breaking 23.6% correction, and yesterday's bullish attempt failed to change the general negativity in which the pair is trading in. Today, the pair will face a challenge at 1.6555 which is the intraday interval for a possible bullish rebound or extending the sharp downside move.
Generally, we expect a downside move based on the close SMA's that are almost achieving a negative crossover. Breaking 1.6555 confirms the downside move and pushes the pair towards 1.6445 as the first target favored for the downside move.
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