Overview:
GBP/USD:
- The weekly pivot point sets at the level of 1.6097; hence the support has been set at the same level for October 24, 2013.
- It should be noted that, according to the previous events, the price has still been trapped between 1.6235 and 1.6170, then it also should be noted that the range today will be around 95 pips.
- Consequently, the trend in H1 time frame is calling for a bearish market at the level of 1.6295.
- The resistance has been already set at the level of 1.6295.
- So, below 1.6100, it looks for further downside move with targets at 1.6210 and 1.6220 today.
- On the other hand, buy above 1.6095 with the first target at 1.6150; it might resume to 1.6226 in order to test the double top.
- The strong resistance of this week (1.61).
