Technical analysis of GBP/USD for December 21, 2015 Market Analysis Review

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 1.4998 and 1.4763
• Also, it should be noted that the double bottom set at the level of 1.4864.
• Buy above the level of 1.4864, which represents the double bottom in the long term with the first target at 1.4998 in order to test the weekly pivot point.If the trend succeeds in breaking the weekly pivot point at 1.4998, then It might resume to 1.5040.
• The stop loss should always be taken into account, so it will be very useful to set your stop loss below support 1 at the level of 1.4743 this week.

Notes:

• Strong resistance is seen at the level of 1.5040.
• The support was found at the level of 1.4763. Currently, the double bottom is set at 1.4863.
• We expect a range of 73 pips today.

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 December 21, 2015 . Thanks for your support.