Overview:
- The GBP/USD pair has rebounded from the minor support at the level of 1.7075. Now, it is approaching its support in order to test it. Moreover, it should be noted that the price of 1.7072 is representing the weekly support 1 for July 14-18, 2014. Consequently, it will probably start upside movement in this area and recovery again. Therefore, it will be a good sign to buy at this spot with the first target of 1.7119 to retest the weekly pivot point and continue towards 1.7154 (it should be noted that this level will form the weekly resistance 1) and the price of 1.7167 is going to form the double top. However, in case of a break of 1.7070, a good place for stop loss will be below 1.7053.
Weekly technical levels:
Date and time:14/07/2014 14:21
Pair: GBP/USD
- Projected high:1.7334
- Breakout (buy stop):1.7279
- Strong resistance (sell limit):1.7249
- Current pivot:1.7126
- Strong support (buy limit):1.7003
- Breakout (sell stop):1.6978
- Projected low:1.6928
