Overview :
- Due to the previous events, the price of GBP/USD has been still trading between the levels of 1.5201 and 1.5268. The psychological level is at 1.5157 which represents the weekly pivot point today. It should be also noted that the market showed the signs of instability because the trend movement was controversial as it took place in the narrow sideways channel. From this point, the pair is likely to begin an ascending movement to the point of 1.5157 and further to the level of 1.5282 (it will act as a strong resistance for this week). However, if the pair fails to pass through the level of 1.5282, the market will indicate a bearish opportunity below the strong resistance level of 1.5282. In this regard, sell deals are recommended lower than the 1.5280 level with the first target at 1.5230. It is possible that the pair will turn downwards continuing the development of the bearish trend to the level of 1.5200, then to 1.5160 (the weekly pivot point). It should be noted that the weekly resistance 2 is at the level of 1.5280 . If you have sold below 1.5280, you have to place a stop loss at 1.5320.
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For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of GBP/USD for February 5, 2015 . Thanks for your support.
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