One month ago, bears initiated a bearish trend off the price levels around 1.7150-1.7190. Since then, the GBP/USD pair has been declining within the depicted bearish channel.
The price levels of 1.7050 – 1.7000 failed to provide enough support for the pair. Hence, bears had an initial bearish target around 1.6800.
However, this price zone of 1.6800 – 1.6820 failed to provide support too. Thus, maintaining the downside movement within the depicted chart.
The current bearish destination is located around 1.6300-1.6250 which has been hit earlier today ( previous prominent daily bottom ).
In case bulls maintain the current daily closure in the form of a “bullish hammer daily candlestick”, a bullish corrective movement towards 1.6540 will be very probable.
Otherwise, sustained bearish pressure will expose the price levels around 1.6250 for retesting. It’s the nearest daily support to meet the pair
The material has been provided by InstaForex Company – www.instaforex.com
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The post GBP/USD intraday technical levels and trading recommendations for September 5, 2014 appeared first on FX FOREX.
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