Overview :
- TThe GBP/USD pair has been trading bearish since yesterday and started dropping form the level of 1.4990. Also, it should be noted that the price of the GBP/USD pair opened below the weekly resistance 1 at the level of 1.4761. Additionally, the double top is set at 1.4926 in H1 chart. Therefore, the market will probably indicate a bearish opportunity at the level of 1.4926 in the short term. According to the previous events, the price is going to move between the levels of 1.4926 and 1.4706. The level of 1.4688 is going to represent the double bottom and strong support is seen at the level of 1.4706. Therefore, the area below 1.4854 (minor resistance) looks for further decline with the first target at the level of 1.4704 and continues towards 1.4688 in order to test the double bottom. However, the stop loss should be placed at the price of 1.4993.
Intraday technical levels :
- R3: 1.5260
- R2: 1.5135
- R1: 1.4940
- PP: 1.4815
- S1: 1.4620
- S2: 1.4495
- S3: 1.4300
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 Technical analysis of GBP/USD for March 20, 2015 . Thanks for your support.
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