07th Aug - GBP/USD Bulls Losing Momentum?
07 August 2014
WEEKLY CHART:
Falling resistance was earlier overcome, providing the next bullish sign. The 61.8% level at 1.7610 has been the next target on this chart, but note that currently the market has found at least temporary resistance from near the Dec-05 low.
DAILY CHART:
The market has been weakening of late, violating the first channel base and now testing the lower channel base around 1.6800.
It is a breach of this later that would signal a clear loss in upward momentum. In this case the next target would be the 1.6630 23.6% retracement.
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