The weekly technical levels of GBP/USD pair:
Trading recommendations :
- According to previous events, the price of GBP/USD pair has still been trapped between 23.6% of Fibonacci retracement and 61.8% in H1 chart. So, these ratios will coincide with the levels of 1.5624 and 1.5680 respectively.
- Long buying:
- Buy above the level of 1.5590 (the double bottom) with the first target of 1.5660 in order to test the weekly pivot point, it might resume to 1.5680 today.
- However, the stop loss should always be in account, for that it will quite safe to set the stop loss at the level of 1.5565. Also, it should be noted that support 1 is set at the 1.5585 level.
The material has been provided by InstaForex Company - www.instaforex.com
