Forecast:
- According to the previous events, the price of the GBP/USD pair has still been trapped between 1.6367 and 1.6306.
- The level of 1.6363 represents the daily pivot point. It should be noted that the daily pivot point coincides with the ratio of 38.2% Fibonacci retracement levels.
- Thus, sell below the price of 1.6363 in the short term with the first target of 1.6306 in order to test the double bottom; it might resume to 1.6270 (support) if the trend will be able to break the double bottom at 1.6363.
- The stop loss should never exceed your maximum exposure amounts. Hence, it will be quite profitable to set your stop loss at the level of 1.6395.
Intraday technical levels:
Date:5/09/2014
Pair:GBP/USD
- R3: 1.6578
- R2: 1.6522
- R1: 1.6419
- PP: 1.6363
- S1: 1.6260
- S2: 1.6204
- S3: 1.6101
