Trading recommendations :
- According to the previous events, the price of GBP/USD pair is going to move between the level of 1.6703 and 1.6620. Hence, the range of the GBP/USD pair will be around 120 pips. The resistance has set at the level of 1.6754 for two weeks. Equally important, the support has set at 1.6544, consequently the market will indicate a bearish opportunity below 1.6754, because the level of 1.6754 is going to act as strong resistance. Therefore, it will be a good sign to sell below this level today or tomorrow with the first target of 1.6640 in order to try to break the weekly pivot point in H1 chart. Furthermore, if the trend manages to close below 1.6640, then the market will be continuing in downtrend below the weekly pivot point towards the level of 1.6544 on February 27 and February 28, 2014.
Technical levels :
- R3: 1.6786
- R2: 1.6744
- R1: 1.6706
- PP: 1.6664
- S1: 1.6626
- S2: 1.6584
- S3: 1.6546
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Technical analysis of GBP/USD for February 27-28, 2014 . Thanks for your support on Technical analysis of GBP/USD for February 27-28, 2014
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