Weekly technical levels:
It should notice that if the trend is of a downside character, then the strength of the currency will be defined as follows: GBP is a downtrend and USD is an uptrend.
The last three resistances are:
R3: 1.5433 | R2: 1.5315 | R1: 1.5119
The last three supports are:
S1: 1.4805 | S2: 1.4687 | S3: 1.4491
Trading recommendations:
Swing bearish trade = (sum of resistances) + (sum of supports) / (total of resistances) + (total of supports)
= (average of resistances) + (average of supports) / 2
= (1,5289 + 1,4661) / 2
= 1.4975
The market will indicate a bearish opportunity on the level of 1.4975.
Take profit should be placed at weekly support 1.
The value of 78% Fibonacci retracement is: 1.5129 on H1 chart.
The best location for placing a stop loss should be above 1.5129.
If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com.
