Forecast:
GBPUSD: According to previous events, the price has still been trapped between 1.5285 and 1.5240. Buy above 1.5178 with the first target of 1.5225, it might resume to 1.5280. Stop loss should be set below 1.5100, additionally the weekly support 2 is set at the level of 1.5100. Therefore, the best location to place your stop loss is below the weekly support 2 in case you had already bought.
Below 1.5285 (1.5286: 61.8% of Fibonacci retracement levels) look for further downside with targets at 1.5220 and 1.5180, moreover, it should be noted that this level 1.5286 will be matched with the golden ratio of the Fibonacci retracement levels. Stop loss should be set above 1.5358 because this price will be formed the weekly pivot point.
Intraday technical levels:
Date: 31/07/2013
Pair: GBP/USD
R3: 1.5442
R2: 1.5396
R1: 1.5314
PP: 1.5268
S1: 1.5186
S2: 1.5140
S3: 1.5058
