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02.09.201513:08 Forex Analysis & Reviews: Technical analysis of GBP/USD for September 2, 2015

Long-term review

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Review:

The support will be at the level of 1.5215, and the new double bottom is going to set at the same price in coming minutes.
The GBP/USD pair called for the bearish market from the price of 1.5330 today. So, the price of 1.5330 is representing strong resistance. Moreover, the level of 1.5330 is coinciding with the ratio of 00% Fibonacci retracement levels.
The market was calling in downtrend for that the trend broke the support (1.5330). Thereupon, the resistance became a strong resistance since yesterday.
Therefore, it will be very useful to sell at this level with targets of 1.5240 and 1.5215. The stop loss should never exceed your maximum exposure amounts. Thus, set your stop loss at the price of 1.5375.
We expect a new range about 115 pips (1.53330- 1.5215) today.

Observations:

If the trend is of an upside character, the strength of the currency pair will be defined as follows: GBP is in uptrend and USD is in downtrend.
Please check out the market volatility before investing because the sight price may have already been reached and scenarios might have become invalidated.

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