GBP/USD – Weekly Technical Analysis (11.08.2014-15.08.2014)
The GBP/USD slide from 1.7190 is in progress. The pair is showing technical weakness below the 1.6980 key resistance. What adds to the bearish sentiment is the breach of the lower boundary of the upside trading channel connecting the lows from February 7 up until now (see chart).
The pair is on its way to the 1.6690 crucial support zone. A decisive breach of that level would intensify the selling pressure and the GBP/USD would head to the 1.6460 support.
Our expectations, however, are for a tight test of 1.6690, which will bring upside recovery for the pair. The latter will be corrective in nature and will be contained at or slightly below the 1.6980 key resistance.
