Overview :
- Today, the market has been in downtrend since morning and started dropping form the level of 1.6880. Also, it should be noticed that the price of the GBP/USD pair opened below the weekly resistance 1 at the level of 1.6880. Additionally, the double top sets at 1.6920. Therefore, the market will probably indicate a bearish opportunity at the level of 1.6850 or/and 1.6880 in the short term. According to the previous events, the price is going to move between the price of 1.6860 and the 1.6780 price. Thenceforward, the area below 1.6860 (the weekly resistance 1) looks for further downside with the first target at the 1.6870 level and continue towards 1.6780 in order to test the weekly support in H1 chart. However, the stop loss should be placed at the price of 1.6940 (note: the double top sets at 1.6920).
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For detail explanation and best discovery on market trends you may visit via Technical analysis of GBP/USD for May 27, 2014 . Thanks for your support on Technical analysis of GBP/USD for May 27, 2014
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