Weekly technical levels:
Trading recommendations:
- GBP/USD: According to previous events, the price has still been trapped between 1.6320 and 1.6380.
- Psychological Level is at 1.6300.
- Buy above 1.6300 with the first target of 1.6370, it might resume to 1.6420.
- Below 1.6470 look for further downside with a target at 1.6350 in order to test the weekly pivot point at the level of 1.6346 on December 23, 2013.
Warning:
- Stop loss should never exceed your maximum exposure amounts.
- Risk to reward ratios are important and should be calculated.
- Example:
- A risk reward ratio of 1:1.5 is recommended:
- Risk: 124 pips should make a profit of 186 pips. 124 pips * 1:1.5 = 186 pips.
