Overrview :
- The first key level of GBP/USD pair will set at the level of 1.6875 and the second key level will set at the 1.6840 level today (on April 2, 2014). Moreover, it should be noted that the level of 1.6920 is representing the resistance and the double top at the same price. Additionally, the 1.6840 level is going to act as the support in H1 chart. Equally important, the price of the GBP/USD pair is still moving between 1.6880 and 1.6860. Another thought, it should be noted that the range was about 55 pips yesterday.
- Furthermore, the trend was very clear and indicating downtrend from the double top at the level of 1.6920. Accordingly, we expect that the trend is going to call for the bearish market at the level of 1.66920. As a result, sell at the price of 1.6920 with the first target of 1.6870, it might resume to 1.6835 in order to test the weekly support.
- On the other hand, your stop loss should be placed above the 1.6920 level. Thereupon, it will be helpful to set it at the price of 1.6953 today.
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 May 2, 2014 . Thanks for your support on Technical analysis of GBP/USD for May 2, 2014
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