Overview :
- The market of the GBP/USD pair was not stable and the trend was not clear. Consequently, the market will probably start showing the signs of tight sideway range for that we expect a range of 82 pips today. Thus, the GBP/USD pair will be bounded by the levels of 1.5440 and 1.5337. So, it would be wise to pay attention to this area. Moreover, it should be noted that the double bottom is going to set at the price of 1.5337. Additionally, a strong support level will be formed at the same level which represents the weekly pivot point. On the other hand, a resistance stood at the level of 1.5440 (today's peak). Thus, we suppose the decline at the point of 1.5439. Therefore, try to sell at a higher price around the minor resistance at the price of 1.5440 with the first target of 1.5335, then it will continue towards the level of 1.5337 (the price of 1.5337 is representing the weekly pivot point and it is coinciding with the ratio of 61.8% Fibonacci retracement levels). Also, it should note that the value of 50% Fibonacci retracement levels has set at the 1.5309 level. Moreover, it is the key level to confirm the bearish market.
The weekly technical levels for GBP/USD pair:
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on daily market trends and news you may visit via Weekly technical levels for GBP/USD for February 16-20, 2015 . Thanks for your support.
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