Intraday trading recommendations:
GBP/USD:
- According to the previous events, the price has still been trapped between 1.6000 and 1.5645. The level of 1.5870 will indicate strong support.
- Moreover, the price will form a double bottom at the level of 1.5915.
- Therefore, it will be wise to buy at 1.5900 with the first target at 1.5999 (the weekly pivot point), then it will continue towards 1.6045.
- The stop loss should be placed below 1.5943.
Intraday technical levels:
Date & Time: 16/10/2013 03:45
Pair: GBP/USD
Projected High: 1.6330
Breakout (Buy Stop): 1.6275
Strong Resistance (Sell Limit): 1.6245
Current Pivot:1,5998
Strong Support (Buy Limit): 1.5750
Breakout (Sell Stop): 1.5725
Projected Low: 1.5675
