Overview :
- The support of the GBP/USD pair has already set at the price of 1.6935. So, according to the previous events, the GBP/USD pair is still trapped between 1.6950 and 1.6970. If the trend fails to close below the level of 1.6940, it will a good sign to buy at this level in the short term with targets at 1.6850, then it is going to continue towards the 1.6710 price today. Notwithstanding, the stop loss should be placed at the level of 1.6915. Moreover, if the trend succeeds to close below 1.6930. Consequently, the market will indicate a bearish opportunity below 1.6936, because the level of 1.6936 is going to act as strong resistance after breaking it, for that the market will be continuing in downtrend below the minor support (1.6936) towards the level of 1.6856 in order to test the weekly pivot point.
Notes :
- Minor support will be set at the price of 1.6936.
- The strong support has already set at 1.6856.
- The level of 1.6856 is representing the weekly pivot point.
- The resistance is placed at 1.7010 and the double top is going to set at the 1.6995 price.
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 7, 2014 . Thanks for your support on Technical analysis of GBP/USD for May 7, 2014
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