Trading recommendations :
- According to the previous events, the price is still below the weekly pivot point. Subsequently, the descending movement will probably be lower than the 1.6622 level. As it is known, history will probably repeat itself at this level again. Therefore, it will a good sign to sell below the weekly pivot point (1.6622) with the first target of 1.6560 (the double bottom). It will call for a downtrend to continue its bearish movement towards the price of 1.6509 which represents the weekly support 1. Also, it should noted that stop loss should always be taken into account. For that, it will be very useful to set your stop loss because the stop loss should never exceed your maximum exposure amounts. Consequently, stop loss should be placed above the resistance level at the price of 1.6650.
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 August 26, 2014 . Thanks for your support on Technical analysis of GBP/USD for August 26, 2014
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