Trading recommendations:
- According to the preceding events, the GBP/USD pair is going to move between 1.6795 and 1.6730.
- Sell at the level of 1.6810 with the first target at the 1.6768 price in order to test the minor support, then it will call for downwards pressure in order to continue its bearish movement towards 1.6700 in order to test this strong support (the price of 1.6697 is going to represent the weekly pivot point of the GBP/USD pair on March 7, 2014). At the same time, the stop loss should be placed at the level of 1.6825. On the contrary, if the trend fails to close below the level of 1.6690. Therefore, it will very advantageous, but above the 1.6690 price with target at 1.6730, then at the price of 1.6805.
Notes:
- We expect a range of 93 pips. But the risk of 93 pips must make a profit of 139.50.
- Volatility: 155.59. As a rule, the market is highly volatile if the last day had a huge volatility.
Intraday technical levels:
- R3: 1.6894
- R2: 1.6836
- R1: 1.6801
- PP: 1.6743
- S1: 1.6708
- S2: 1.6650
- S3: 1.6615
