GBP/USD continues to rise after the earlier breakout of the Down Channel that was previously identified by Autochartist on the hourly charts – as you can see from the following trade alert for this pair. GBP/USD is expected to reach the target level 1.6931 in 2 days. The stop-level for this forecast is set by Autochartist at 1.6811 (A). This point was formed earlier, when GBP/USD reversed up from the support area set between the support level 1.6800, lower daily Bollinger Band and the 38.2% Fibonacci Retracement of the daily upward price thrust from February (as can be seen the next chart below).
The following daily GBP/USD chart shows the aforementioned support levels:
Published On Wed, Aug 6 2014, 04:47 GMT