The technical analysis of GBP/USD pair:
Review:
- The double top of the GBP/USD pair is seen at the level of 1.5293 and the double bottom is going to be set at the 1.5134 level.
- The next range is expected to be very small around, 159 pips only, in coming days. But we expect a range of 210 - 300 pips this week.
- Also, the last range was about 433 pips for that the price had hit the pivot point, support 1, and support 2 last week.
- This week, the major support is found at 1.5140. Resistance had been already faced at the level of 1.5293, which coincides with the ratio of 38.2% Fibonacci retracement and the weekly pivot point.
- So, according to the previous events, the GBP/USD pair is going to move between 1.5293 and 1.5134.
- The level of 1.5293 represents the weekly pivot point for September 28, 2015. Therefore, it will be very useful to sell below the level of 1.5293 in the short term with the first target at 1.5163. Moreover, if the trend is able to break the level of 1.5163, it might resume to 1.5134.
