FX.co ★ GBP/USD: technical analysis for May 31, 2013

Intraday technical levels:

Date & Time: 31/05/2013 02:05

Pair:GBP/USD

R3: 1.5309

R2: 1.5254

R1: 1.5189

PP: 1.5134

S1: 1.5069

S2: 1.5014

S3: 1.4949

Trading recommendations:

According to the previous events, the price is still between the levels of 1.5180 and 1.5060.

• (Resistance: 1.5260; sell below this level).The descending movement will probably be lower than the 1.5260 level with the first targets at 1.5150 and 1.5015.
• (Support: 1.5075; buy above this level for retesting this level for a short period). Buy deals are recommended above 1.5075 with targets at 1.518 and 1.525.

Trend (time frame: H1/H4): Upward (there is still an ongoing bullish trend).

Range: 120pips

A risk to reward ratio of 1:1.5 is recommended. Therefore, the risk of 120pips must make a profit of 180.00.