The weekly technical levels for GBP/USD pair:
Overview:
- According to the previous events, the price of the GBP/USD pair is still below the weekly pivot point (1.5397). Posteriorly, the descending movement will perhaps be lower than the level of 1.5395. As it is familiar, history will probably repeat itself at this level again. Consequently, it will be a good sign to sell below the weekly pivot point (1.5397) with the first target of 1.5315 in order to test the double bottom. Moreover, it should be noted that the double bottom is coinciding with the weekly support 1 on February 23, 2015. Then, it will call for a downtrend to continue its bearish movement towards the price of 1.5233, which represents the weekly support 2 forthcoming. Also, it should be noticed that stop loss should always be taken into account. Hence, it will be very beneficial to set your stop loss and it should never exceed your maximum exposure amounts. Therefore, stop loss should be placed above the resistance level at the price of 1.5423.
