Overview:
- According to the previous events, the GBP/USD pair has still been trapped between 1.5549 and 1.5766. The level of 1.5549 represent the daily pivot point. It should be noted that the daily pivot point is coinciding with a ratio of 50% Fibonacci retracement levels. So, if the trendmanages to break minor resistance at 1.5651, buy above 1.5549 and 1.5651 in the short term with the first target at 1.5703. It might resume to 1.5766 in order to test the double bottom. On the other hand, the stop loss should never exceed your maximum exposure amounts. Thus, it will be too profitable to set your stop loss at the level of 1.5525.
Review:
- If a trend is of an upside character, strength of the currency will be defined as following: GBP is an uptrend and USD is a downtrend
- It should be noted that if there is no significant news to influence, the market price will be moving from pivot point to resistance 1 or support 1. Othewise, the market price may go straight through resistance 1 or support 1 and reach resistance 2 or support 2 and even resistance 3 or support 3.
Technical levels on July 15, 2015.
- Resistance 3: 1.5766
- Resistance 2: 1.5708
- Resistance 1: 1.5651
- Pivot point: 1.5549
- Support 1: 1.5490
- Support 2: 1.5421
- Support 3 1.5352
