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GBPUSD Analysis 08/10/14

FX:GBPUSD   British Pound/U.S. Dollar
160 0 2
Long term trend: Up
Medium term trend: Down
Significant Levels: 1.627 (Horizontal Resistance), 1.592 (Horizontal Support), Downtrend Line

As of now, this currency pair is hard to trade. Although we could see that the current sentiment is for the price to decline, this pair is difficult because both pairs are strong right now. The previous Uptrend is smooth because of the strength of the GBP and the weakness of USD, but currently, USD is gaining its strength. GBP, as a strong currency is good to trade against weak currencies and not against USD. Weak currencies as of now are EUR and JPY.

As the sentiment here is down, we will look for a trade to sell. The downtrend line is so valid. Many times the price reached the trend line , but cannot go through. The current price is near the 50% Fibonacci retracement . Maybe this would be a good time to know where the price is really going. A breakout trade might be appropriate here. If the price breaks the support level , it would be a good opportunity to place a Short trade and if the price breaks the downtrend line, retrace back down, then form a bullish price action, it might be a good time to consider placing a Long trade.

Again, the sentiment here is down and it would be better if we get a Short trade opportunity.

Trade well.
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