FX.co ★ GBP/USD intraday technical levels and trading recommendations for August 1, 2014

Bullish breakout above the DAILY bearish channel previously exposed the price levels around 1.6900, and 1.7000 as projection targets.

Bullish pressure was once applied as a trial to break 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.

The price levels of 1.7050 - 1.7000 failed to provide enough support for the pair. Hence, the bears had potential bearish target around 1.6970 then 1.6920.

DAILY fixation below 1.6980-1.7000 applied intensive bearish pressure on the price zone of 1.6920-1.6900 leading to its breakdown as well.

Price levels around 1.6820 remains the nearest support level to meet the pair as it corresponds to the previous significant top established in February 2014.

Price action should be watched around 1.6820 to consider the next destination of the GBP/USD currency pair whether bullish recovery would originate off these levels or not. 

Daily closure of the current candlestick should be considered.