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The pair GBPUSD is in consolidation region and almost ready to establish yearly high for 2014. The chart below says that yearly high consolidation zone is between 1.6740 and 1.7035. Up to now, the pair failed to test 1.7035 and this doesn't mean that in the coming weeks 1.7035 will not be tested. we will use 1.7035 level as a reference to control our stoploss. It will also serve as for the continuation of existing uptrend.
Meanwhile a break below 1.6740 would increase the probability that yearly high has been established. In that case our targets for the rest of the year are 1.6170 and 1.5950 levels.
After having a long term look we turn our attention to monthly and weekly charts. Monthly chart for june tells that the pair has a strong resistance ranging from 1.6900 to 1.7085. and 1.6900 level is a good price to short.
Similarly, weeklies tells us that pair has a strong resistance zone between 1.6850 and 1.6940. Any attacks towards and above 1.6850 should be used for shorting. For weekly traders target is 1.6700.
Below is the weekly chart.
Meanwhile a break below 1.6740 would increase the probability that yearly high has been established. In that case our targets for the rest of the year are 1.6170 and 1.5950 levels.
After having a long term look we turn our attention to monthly and weekly charts. Monthly chart for june tells that the pair has a strong resistance ranging from 1.6900 to 1.7085. and 1.6900 level is a good price to short.
Similarly, weeklies tells us that pair has a strong resistance zone between 1.6850 and 1.6940. Any attacks towards and above 1.6850 should be used for shorting. For weekly traders target is 1.6700.
Below is the weekly chart.
