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Technical analysis EUR/USD and GBP/USD 1 August 2013

EUR/USD

Just as expected, the rise after crossing the resistance level of 1.3300 (of the consolidation corridor) was limited by the price range 1.3330/50. The price touched the level of 1.3345/40 and fell down. Now the pair is trading at 1.3240/50. The indicators already show a strengthening bearish sentiment. However, on its way down, the pair will face the support at 1.3250, which already proved its strength in the previous session. If the price crosses this obstacle and consolidates below, it will be expected to test the levels of 1.3200/1.3170 in the near future. At the same time, this dynamics will be considered as continued correction within the uptrend. Crossing the support at 1.3150/60 will signal of a reversal to a medium-term downtrend. The growth resumption will be possible before the pair breaks the level of 1.3150/60; in this case the target will be set at 1.3420/00.

GBP/USD

Yesterday the pair confirmed the assumptions that the price will continue its fall and break the support, range of 1.5220-1.5160. The price fell to the level of 1.5160 and tried to continue its way down, but was stopped and is now trading at 1.5160/50. The indicators continue to show a strong bearish sentiment. Obviously, the pair is expected to continue its fall: should the price cross the tested level and consolidate below, this will indicate a reversal down; the targets will be set at 1.5050/40, 1.5000 supports. However, the strength of the support at 1.5160/50 supposes continued consolidation. At the same time, today’s MPC Rate Statement announced by the Bank of England can make several adjustments. Should the price rise above 1.5280, this would give reason to expect a bearish scenario a bit later.

Thursday, 01 Aug, 2013 / 9:29

Source : http://blog.forex4you.com/technical-analysis-eurusd-and-gbpusd-1-august-2013/

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