Overview:
- The GBP/USD pair is in the short term (September 17, 2015).
- The price of the GBP/USD pair is going to turn to bullish sentiment from the level of 1.5475 again. The level of 1.5475 is representing a double bottom today. Accordingly, it will be a good decision to buy above the double bottom at 1.5475 with the first target of 1.5544 to test the weekly resistance 2 in this area. Then, if the price breaks the weekly resistance 2, it will call for an uptrend market in order to continue its bullish movement towards 1.5600 with a view to form a new double top on the H1 chart. Equally important, the resistance would be at the 1.5600 level. Additionally, the trading range today will be between the levels of .1.5475 and 1.5600. However, the stop loss should be placed below the double bottom at the price of 1.5440, so the stop loss should be set in 35 pips since the risk of 105 pips could make profit of 60 pips (take profit = 3 * stop loss).
Intraday technical levels:
- Projected high: 1.5600
- Breakout (buy stop): 1.5544
- Current pivot: 1.5509
- Strong support (buy limit): 1.5475
- Projected low: 1.5443
