FX.co ★ GBP/USD intraday technical levels and trading recommendations for July 29, 2014

Bullish breakout above the DAILY bearish channel took place exposing the price levels around 1.6985, 1.6900, and 1.7000 as projection targets.

Bullish pressure was once applied as a trial to break through the upper limit of the 4H movement channel. However, lack of follow-through existed as bullish pressure being applied was not enough to ensure success of the bullish breakout.

On the other hand, Intraday resistance was established around 1.7150-1.7190. A short-term SELL position was suggested in the previous articles with SL located just above 1.7190.

The price levels of 1.7050 and 1.7000 failed to provide enough support for the pair. Hence, the bears had potential bearish target around 1.6970 then 1.6920 which is being approached today.

The price level of 1.6920 is the next destination in case the bears keep fixating below the price zone of 1.6980-1.7000.

Bullish rejection will probably originate off 1.6920. Thus, a valid BUY position can be taken there with Stop Loss just below 1.6880.