Trading recommendations:
- According to the preceding news, the GBP/USD pair is still moving between 1.6250 and 1.6385.
- So, the range of the pair will be around 120 pips on the face of maximum today.
- Therefore, sell below the level of 1.6385 which represents the ratio of 61.8% Fibonacci retracement levels with the first target at the 1.6270 price, then It will call for รด downtrend in order to continue its bearish movement towards 1.6246 in order to test this strong support (it should be noted that the price of 1.6257 is going to form a new double bottom around the ratio of 23.6% Fibonacci retracement levels).
- At the same time, the stop loss should be placed at the level of 1.6450.
Date and Time:26/09/2014 10:46
Pair:GBP/USD
- R3: 1.6411
- R2: 1.6376
- R1: 1.6345
- PP: 1.6310
- S1: 1.6279
- S2: 1.6244
- S3: 1.6213
- It should be noted that if there is no significant news to influence, the market price will be moving from pivot point to resistance 1 or support 1. But if there is significant news to influence, the market price may go straight through resistance 1 or support 1 and reaches resistance 2 or support 2 and even resistance 3 or support 3.
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