GBP/USD: Trade ideas for August 07
The GBPUSD had a fall from 1.6886 level during the beginning of yesterday's session, then find support at 1.6821 level. The pair is now conducting a retracement towards the 61.8 Fibo level. The GBPUSD might find strong resistance at that level, so the pair could make a pullback and fall to the level of 1.6821.
If the pair manages to make a breakout in the support level of 1.6821, would be expected to fall to the level of 1.6802. On the other hand, keep in mind that the GBPUSD could conduct a breakout at the level of 1.6861, which could invalidate our bearish outlook. The CCI indicator is entering in the area of the 100 level.
Trading recommendations: Place sell orders when the GBPUSD does a pullback at the resistance level of 1.6861, with take profit at 1.6821. Also, you can place sell orders when this pair does a breakout at the support level of 1.6821, with take profit at 1.6802.}