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11.12.201411:57 Forex Analysis & Reviews: Technical analysis of GBP/USD for December 11, 2014

Long-term review

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Overview:

The GBP/USD pair will probably be moved between 1.5717 and 1.5540, and it should mean that the range will be about 177 pips this week. In particular, it will be significative to wait for a period of tight sideway range market before trading. Besides, the level of 1.5717 formed a strong resistance. Furthermore, this price is in conformity with 61.8% of the Fibonacci retracement levels in the H1 chart. Therefore, it is likely that the market is going to start showing the signs of bearish market. In other words, it will be a good sign to sell below the 1.5717 level with the first target at 1.5637 in order to retest the weekly pivot point. It will fall towards the price of 1.5541 for forming double top. It should also be noted that the weekly support 1 has set at 1.5511. However, if the the pair does not break the weekly pivot point at the level of 1.5637, the market will indicate a bullish opportunity above 1.5637, and the level will act as strong support. So, it will be a good sign to buy above 1.5637 with the first target at 1.5683, and it will call for an uptrend in order to continue bullish trend towards 1.5791 tomorrow.

Intraday technical levels:

Date: 11/12/2014

Pair: GBP/USD

R3: 1.5809
R2: 1.5764
R1: 1.5737
PP: 1.5692
S1: 1.5665
S2: 1.5620
S3: 1.5593

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