Highlights
GBP/USD
On the short term, the pair still doesn’t follow any direction or trend. The resistance 1.5896 seems to be very strong and the currency succeeds only in testing the resistance without breaking it. Those two signs show a bearish trend, and may indicate an opportunity for a “short” trade. Today’s anemic candle may indicate the future trend.
GBP/USD
Daily graph: http://www.real-forex.com/charts-daily/071010/GBP_DAILY_071010.JPG
On the short term, the pair still doesn’t follow any direction or trend. The resistance 1.5896 seems to be very strong and the currency succeeds only in testing the resistance without breaking it. Those two signs show a bearish trend, and may indicate an opportunity for a “short” trade. Today’s anemic candle may indicate the future trend.
One-hour graph: http://www.real-forex.com/charts-daily/071010/GBP_1H_071010.JPG
The goal is to identify a descending configuration. Such a thing will happen only once the support level 1.5833 will be broken downward.
Potential trade
If the support is broken, we suggest you the following operation:
· “Limit” order on “Short” position in case of 10 pips breach of the support 1.5823 downward.
· “Stop Loss” order will be placed on the last high occurred – 1.5914.
· “Take Profit” : 1.5760
The pair is very likely to keep its current movement for an additional session but, in case of change, this is our trading suggestion. Please pay attention to the fact we are talking about short term trade since middle term trend is upward.
USD/CAD
Daily graph: http://www.real-forex.com/charts-daily/071010/CAD_DAILY_071010.JPG
The pair reached today a very important support at 1.0111.
Currently, the pair is about 20 pips below the support. By the end of today’s session, we’ll confirm a test or a real breach, depending whether the pair is above or below the support.
In case of test, we suggest to trade “Long” with a “Take Profit” at 1.020.
Have a profitable day!
Real Forex Team.
