For Traders

Analytical Reviews

Technical analysis

29.06.201501:42 Forex Analysis & Reviews: Technical analysis of GBP/USD for June 29, 2015

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

The weekly technical analysis of GBP/USD pair:

Overview:

According to the previous events, the GBP/USD pair has been trapping between 1.5774 and 1.5639. The level of 1.5774 (the weekly pivot point) represents strong resistance. Also, it should be noted that the price of 1.5787 is coinciding with a ratio of 50% Fibonacci retracement levels. The minor support set at the level of 1.5666 (the double bottom in the H1 chart). Hence, we expect a range about 135 pips in coming hours. Therefore, the market is going to call for an uptrend from the level of 1.5666. Thus, buy above the level of 1.5666 in the short term with the first target at 1.5774. If the trend is able to break the weekly pivot point, it might resume to 1.5816 in order to test the golden ratio in the same time frame.

Notes:

Major support sets at 1.5639 and the double bottom sets at 1.5666.
The level of 1.5774 represents the weekly pivot point.
Major resistance has already set at 1.5816.
It should be noted that the weekly range was not very large for the last four weeks (around 234 pips).

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.