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Technical analysis of GBP/USD for June 3, 2015

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Overview:

  • In the short term, the price of the GBP/USD pair has opened above the weekly support at the 1.5178 level on the M30 chart. Additionally, the double bottom has already been set at the point of 1.5169 in the same time frame. The market was in an uptrend since yesterday. Also, we should be aware that the resistance is at the price of 1.5378 which coincides with the ratio of 61.8% Fibonacci retracement levels today. Consequently, the market will probably indicate a bearish opportunity at the level of 1.5378 in the short term. Also, the weekly pivot point (1.5343) will act as minor resistance on June 3, 2015 because support becomes resistance after breaking it today at the London session. So, according to the previous events, the price is still moving between the levels of 1.5343 and 1.5169 (the double bottom). Subsequently, the area below 1.5343 (below the weekly pivot point) looks for further downside with the first target at the 1.5169 level in order to test the double bottom after testing support one. The stop loss should be placed at the price of 1.5383.


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