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20.03.201501:50 Forex Analysis & Reviews: Technical analysis of GBP/USD for March 20, 2015

Long-term review

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Overview:

TThe GBP/USD pair has been trading bearish since yesterday and started dropping form the level of 1.4990. Also, it should be noted that the price of the GBP/USD pair opened below the weekly resistance 1 at the level of 1.4761. Additionally, the double top is set at 1.4926 in H1 chart. Therefore, the market will probably indicate a bearish opportunity at the level of 1.4926 in the short term. According to the previous events, the price is going to move between the levels of 1.4926 and 1.4706. The level of 1.4688 is going to represent the double bottom and strong support is seen at the level of 1.4706. Therefore, the area below 1.4854 (minor resistance) looks for further decline with the first target at the level of 1.4704 and continues towards 1.4688 in order to test the double bottom. However, the stop loss should be placed at the price of 1.4993.

Intraday technical levels:

R3: 1.5260
R2: 1.5135
R1: 1.4940
PP: 1.4815
S1: 1.4620
S2: 1.4495
S3: 1.4300

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