Technical outlook and chart setups:
The GBP/USD pair is into the buy zone clearly and has bounced off the resistance turned support trend line at the 1.6000 level as depicted here. Furthermore, 1.6000 is also the 0.618 fibonacci support of the rally between 1.5875 and 1.6175. The pair seems to be on its way towards 1.6375/1.6400 levels according to fibonacci extensions seen here. Hence, it is recommended to initiate long positions (at least 50%) at the current levels (1.6150), risk remains just below the 1.6000 mark. Furthermore, intraday dips could be bought, till prices remain firmly above 1.6000 levels. Support is seen at 1.6000, followed by 1.5950 and lower, while resistance is seen at 1.6175, followed by 1.6225 and higher respectively.
Trading recommendations:
Remain/initiate long positions, stop below 1.6000, the target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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