Weekly technical levels of the GBP/USD pair.
Trading recommendations :
- According to the previous events, the price of GBP/USD is going to move between the levels of 1.5735 and 1.5530. The pair will probably go down because the downward trend is still strong. THe weekly pivot point will set at the level of 1.5735, for that it will act as strong resistance today. Therefore, sell below the level of 1.5735 which represents the pivot point in H1 chart with the first target at 1.5592 (the double bottom), then the trend will be able to continue toward the level of 1.5533. Nevertheless, the stop loss should be set at 1.5772.
Notes :
- If the trend is of an upside character, then the strength of the currency will be defined as follows: GBP is an uptrend and USD is a downtrend.
- Fibonacci retracement is used to determine accurate psychological levels of support and resistance. The period of time should be taken into account.
- Fibonacci is in a range trade; it looks like the trend is trapped and going up or down. If you sell or buy for a long term in this period, you will surely lose your profit.
The material has been provided by InstaForex Company - www.instaforex.com
