Long-term review
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Overview:
- The GBP/USD pair has already formed a strong resistance level at 1.5733. This level already presents the last weekly pivot point, but today it coincides with the ratio of 23.6% Fibonacci retracement levels. Additionally, after it could not close above this level of 1.5733, the pair started signing for a bearish market at this spot. Moreover, it should be noted that if the trend is ascending, then the strength of the currency will be defined as follows: GBP is in an uptrend and USD is in a downtrend. But today, we note the opposite picture. Therefore, the pair will be in a downside rather convincing momentum and the structure of the fall does not look corrective. In order to indicate a bearish opportunity below 1.5733, it will be a good sign to sell below this area with the first targets of 1.5680 and 1.5654 to test the double bottom on H1 chart. On the other hand, the stop losses should be placed above 1.5750.
Intraday technical levels:
Date and Time:14/11/2014 10:54
Pair:GBP/USD
- R3: 1.5847
- R2: 1.5813
- R1: 1.5760
- PP: 1.5726
- S1: 1.5673
- S2: 1.5639
- S3: 1.5586
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