Overview:
- The GBP/USD pair movement will continue directly from the level of 1.7015 in H4 chart. Moreover, this level was confirmed by the bullish market a month ago. Additionally, the price of the GBP/USD pair has been showing an upward trend at the same price which represents the weekly resistance 1 on July 23, 2014. Therefore, the market will indicate the bullish opportunity at the level of 1.7015. Also, it should be noted that the weekly resistance 1 became the support. Accordingly, it will be a good sign to buy at 1.7015 (in the long term) with the first target of 1.7103 in order to test the weekly pivot point and further to 1.7133.
- Furthermore, it also should be noted that this level of taking profit will coincide with the ratio of 88.2% Fibonacci retracement levels. For that, it is going to be a good place to take profit. On the other hand, the stop loss should be placed below the double bottom at the price of 1.6990.
