Trading recommendations:
- According to the preceding events, the GBP/USD pair is going to move between 1.6792 and 1.6725.
- Sell at the level of 1.6795 (the weeky resistance) with the first target at the 1.6730 price in order to test the minor support, then it will call for downward pressure in order to continue its bearish movement towards 1.6660 in order to test this strong support (the price of 1.6660 is going to represent the ratio of 38.2% Fibonacci).
- At the same time, the stop loss should be placed at the level of 1.6833.
- On the contrary, if the trend fails to close below the level of 1.666, it will be very advantageous, but above the 1.6660 price with a target at 1.6770, then at the price of 1.6800.
Intraday technical levels:
Date: 15/05/2014
Pair: GBP/USD
- R3: 1.6962
- R2: 1.6918
- R1: 1.6842
- PP: 1.6798
- S1: 1.6722
- S2: 1.6678
- S3: 1.6602
