Overview :
- The GBP/USD pair will probably move between 1.7154 and 1.7072. Consequently, it would be wise to be careful at this range area of 82 pips. In particular, it will be too meaningful to wait for a period of the tight sideway range market before investing. Equally important, the level of 1.7072 formed a strong support, as well as this price is matches 11% of the Fibonacci retracement levels (look at the chart). Therefore, the market is likely to start showing the signs of the bullish market. In other words, it will be a good sign to buy above the 1.7072 level with the first target of 1.7110 in order to retest the weekly pivot point. Besides, it will climb towards the price of 1.7154 to retest weekly resistance. Additionally, it should also be noted that the weekly resistance 2 is set at 1.7201 and the double top has already set at the price of 1.7191. However, if the the pair does not break the double top, the market will indicate a bearish opportunity below the level of 1.7191, then this level will act really as strong resistance.
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For detail explanation and best discovery on market trends you may visit via Technical analysis of GBP/USD for July 18, 2014 . Thanks for your support on Technical analysis of GBP/USD for July 18, 2014
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