The weekly technical analysis of GBP/USD pair:
Overview:
- According to the previous events, the GBP/USD pair is still moving between the levels of 1.5358 and 1.5502. Sell below the level of 1.5502, which represents the weekly resistance 1 with the first target at 1.5410. Moreover, if the trend does not fail to close below the level of 1.5410, it will call for a downtrend in order to continue its bearish movement towards 1.5358 in order to test this strong support (it should be noted that the level of 1.5358 is going to form the weekly pivot point). At the same time, the stop loss should be placed at the level of 1.5560. If the trend is upward, strength of the currency will be defined as follows: GBP is in an uptrend and USD is in a downtrend.
Observations:
On September 14, 2015:
- Major support is seen at the level of 1.5358.
- Major resistance is expected at the level of 1.5502.
- We expect a new range up to 144 pips in coming days.
- If the trend is upward, then the strength of the currency will be defined as follows: GBP is in an uptrend and USD is in a downtrend.
- Stop loss should never exceed your maximum exposure amounts.
- As a rule, the market is highly volatile if the last day had huge volatility.
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