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GBP/USD Forecast July 31, 2014
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Fundamental Analysis

GBP/USD prices pared some of its losses after the Fed decision to stay away from interest rates hike for the moment.
However, in early U.S. trading session following the GDP data release the Greenback advanced against the GBP as the data showed a strong economy growth in U.S. beating Analysts' forecasts.
The GDP rate grew by in the second quarter 4% from 3% at the first one.

Technical Analysis

As we can notice on the H4 chart, the GBP/USD declined toward the Fibo retracement level 61.8% at $1.6886, where the pair found temporary support before rebounding back above $1.6900-mark.
Due to divergence observed on the stochastic indicator, prices could reach the resistance area at $1.69451.6960 where Fibo retracement level 50% and its moving average MA (20) converge.

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