Long-term review
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Overview:
- The price of the GBP/USD pair has opened below the weekly pivot point (1.6809). Additionally, it should be noted that the double top is going to set at 1.6813 in H1 chart; the market was in a downtrend two weeks ago. Also, we should be aware that the resistance has set at the price of 1.6813 today. Therefore, the market will probably indicate a bearish opportunity at the level of 1.6809 in the long term. Also, the weekly pivot point will act as strong resistance on August 13, 2014 because support becomes resistance after breaking it yesterday. So, according to the previous events, the price is still moving between the levels of 1.6810 and 1.6725. Thus, the area below 1.6809 (below the weekly pivot point) looks for further downside with the first target at the 1.6730 level in order to form a new double top and continue towards 1.6691 to test support in H1 chart. The level of 1.6691 coincides with the ratio of 161.8% Fibonacci retracement levels. Notwithstanding, the stop loss should be placed at the price of 1.6833.
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