The weekly technical levels of the GBP/USD pair.
Trading recommendations :
- According to the previous events, the price of GBP/USD pair has still been trapped between the levels of 1.6235 and 1.6300. Also, it should be noted that the psychological level is at 1.6300 which represents the weekly pivot point on the 19th of September 2014.
- Buy above the weekly support 1 at 1.6184 with the first target at 1.6280 in order to test the weekly pivot point, it might resume to 1.6315 in case the trend will be able to break the level of 1.63.
- Another outlook: Below the resistance which sets at the level of 1.6366, look for further downside with 1.6305 and 1.62 targets. It should be noted that a double bottom will be formed at the level of 1.6161 in H1 chart.
Warning :
- Stop loss should never exceed your maximum exposure amounts.
- Risk to reward ratios are important and should be calculated.
Example :
- A risk reward ratio of 1:1.5 is recommended:
- Risk: 118 pips should make a profit of 177 pips.
- 118 pips * 1:1.5 = 177 pips.
The material has been provided by InstaForex Company - www.instaforex.com
