Technical analysis of GBP/USD for June 1-5, 2015 Market Analysis Review

The weekly technical analysis of GBP/USD pair:

Overview:

• The GBP/USD pair is expected to move between the levels of 1.5178 and 1.5343. The support is set at the level of 1.5178 (support 1); and the double bottom was placed at the point of 1.5236. Consequently, the market will indicate a bullish opportunity above 1.5200 because the area of 1.5178 and 1.5236 is going to act as strong support. Therefore, it will be a good sign to buy above this area today with the first target at 1.5343 in order to test the weekly pivot point in the H1 chart. If the trend does not succeed to close above 1.5343, the market will go in the downtrend below the weekly pivot point towards the levels of 1.5242 and 1.5220.
• However, the stop loss should be placed above the pivot point at the level of 1.5340.

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