Trading recommendations :
- The resistance of the GBP/USD pair is set at the level of 1.7075 and the support has already been placed at the 1.6935 level. So, according to the previous events, the price of GBP/USD pair is going to move between the level of 1.7075 and 1.6935. Consequently the market will indicate a bearish opportunity below 1.7075, because the level of 1.7075 is going to act as strong resistance, as well as it is representing the weekly resistance one on June 27, 2014. Therefore, it will be a good sign to sell below this level today with the first target of 1.6999 in order to test the weekly pivot point in H1 chart. Equally important, if the trend succeeds to close below 1.6999, then the market will be continuing in downtrend below the weekly pivot point towards the level of 1.6935. But the stop loss should be borne in mind for that you should place it above 1.7075 at the price of 1.7093.
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 June 27, 2014 . Thanks for your support on Technical analysis of GBP/USD for June 27, 2014
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