Weekly technical levels:
Trading recommendations:
- According to the previous events, the price of GBP/USD pair is going to move between the level of 1.6313 and 1.6490.
- The resistance is set at the level of 1.6483. Consequently the market will indicate a bearish opportunity below 1.6483, because the level of 1.6483 is going to act as strong resistance. Therefore, it will be a good sign to sell below this level today with the first target of 1.6367 in order to test the weekly pivot point in H1 chart. Equally important, if the trend succeeds to close below 1.6367, then the market will be continuing in downtrend below the weekly pivot point towards the level of 1.63 on February 10, 2014.
- But the stop loss should be placed above 1.6480 at the price of 1.6495
