Overview:
GBPUSD: According to previous events, the price has still been trapped between 1.5500 and 1.5455. Buy above 1.5450 with the first target of 1.5503, it might resume to 1.5550. Stop loss should be set below 1.5420. Additionally, the weekly resistance 1 is set at the level of 1.5435. Therefore, the best location to place your stop loss is below the weekly resistance 1 in case you have already bought, as well as it should be noted that the weekly resistance 1 have already become support. However, the area below 1.5745 (1.5752: 100% of Fibonacci retracement levels) is favorable for further downside trend with targets at 1.5620 and 1.5400. Moreover, it should be noted that this level of 1.5752 will be matched at 100% of Fibonacci retracement levels, moreover the level of 1.5752 will form double top. Stop loss should be set above 1.5752 because this price will form the last strong resistance for August 5 - 9, 2013.
