Overview :
- According to the previous events, the price of the GBP/USD pair has been still moving between the prices of 1.5120 and 1.5030. The level of 1.5172 represents the weekly pivot point. It should be noted that the weekly pivot point coincides with the ratio of 38.2% Fibonacci retracement levels. Thus, new resistance has been set at the level of 1.5153. So, sell below 1.55172 in the long term with the first target of 1.5030 in order to test the double bottom. Then, if the trend can break the double bottom at 1.5947, it might resume to 1.5968 (near a minor support area). Stop loss should never exceed your maximum exposure amounts. Hence, it will be rather profitable to set your stop loss at the level of 1.5190. Moreover, the weekly support and resistance will be set at 1.5172 and 1.4960, respectively. Additionaly, the weekly pivot point is being set at the level of 1.5172. It should be noted that if there is no significant news to influence, the market price will be moving from the pivot point to the resistance 1 or support 1. But if there is significant news, the market price may go straight through the resistance 1 or support 1 and reach the resistance 2 or support 2 and even resistance 3 or support 3.
Intraday technical levels :
Pair: GBP/USD
- R3: 1.5263
- R2: 1.5221
- R1: 1.5190
- PP: 1.5172
- S1: 1.4960
- S2: 1.4925
- S3: 1.4891
The material has been provided by InstaForex Company - www.instaforex.com
