GBPUSD Forecast and Trade Setup - 1st August, 2014

GBPUSD Forecast and Trade Setup - 1st August, 2014

Monthly Chart

• July Monthly Candle had a negative reaction as it approached major resistance.

Daily Chart

• Very negative run, with continuous selling for over two weeks without a green candle.
• Next support which i would be interested to bottom pick is highlighted
• Previous breakout zone and a 61.8 and 88.6 fib
• should wait for a reversal candle formation on daily before considering a long trade

Outlook Trade opportunity

Wait for the market to play out now - however will be on the watch

Risk Level __

Tips -

Always take note of any economical news event on our provided calender below