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

A solid bullish structure kept pushing higher. This bullish structure was manifested in successive ascending bottoms around 1.6465, 1.6555, and 1.6665 (corresponding to the uptrend line)

Lack of bullish momentum and indecision were observed on the daily chart when the pair established a consolidation zone between 1.7050 and 1.7170.

On the other hand, the most dependable DEMAND level located around 1.7050 (the uptrend line too) was broken down exposing the price levels of 1.7000.

The price levels of 1.6910-1.6920 are the next destination of the current bearish movement provided that the bears manage to fixate below 1.6950 (prominent bottom).

As expected, the price zone between 1.7140 - 1.7170 provided evident bearish price action.

A pattern of multiple tops was confirmed after breakdown of the depicted bullish channel. Moreover, successive bearish targets were hit around 1.7055 and 1.7000.

Risky traders may keep their SELL positions up to the price level of 1.6910 where the next prominent Demand Level is located provided that the bears manage to fixate below 1.6950 (prominent bottom).

On the other hand, the price level of 1.6950 remains a significant key level as it corresponds to the previous prominent bottom established in June.