Technical analysis of GBP/USD for September 5, 2014 Trend News

Forecast :

• According to the previous events, the price of the GBP/USD pair has still been trapped between 1.6367 and 1.6306.


• The level of 1.6363 represents the daily pivot point. It should be noted that the daily pivot point coincides with the ratio of 38.2% Fibonacci retracement levels.


• Thus, sell below the price of 1.6363 in the short term with the first target of 1.6306 in order to test the double bottom; it might resume to 1.6270 (support) if the trend will be able to break the double bottom at 1.6363.


• The stop loss should never exceed your maximum exposure amounts. Hence, it will be quite profitable to set your stop loss at the level of 1.6395.

Intraday technical levels :

Date:5/09/2014

Pair:GBP/USD

• R3: 1.6578


• R2: 1.6522


• R1: 1.6419


• PP: 1.6363


• S1: 1.6260


• S2: 1.6204


• S3: 1.6101

The material has been provided by InstaForex Company - www.instaforex.com



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