Weekly pivot point: 1.6360.
Forecast:
- GBPUSD: According to previous events, the price has still been trapped between 1.6430 and 1.6480.
- Buy above 1.6425 with the first target of 1.6475, it might resume to 1.6525. Stop loss should be set below 1.6400, additionally the weekly resistance 1 is set at the level of 1.6420 (resistance has become support). Therefore, the best location to place your stop loss is below the weekly resistance 1 in case you had already bought.
- Below 1.6505 (1.6482: 127.2% of Fibonacci retracement levels) look for further downside with targets at 1.6450 and 1.6415; moreover, it should be noted that this level of 1.6482 will be matched with the golden ratio of the Fibonacci retracement levels. (Note: the square root of 1.618 = 1.272)
- Stop loss should be set above 1.6540 because this price will form the weekly resistance 2.
