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Technical analysis of GBP/USD for August 20, 2015

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Overview:

  • The range of GBP/USD pair was 128 pips (1.5713 - 1.5585) for the last two days. In addition, GBP/USD hit the weekly resistance 1 and the pivot point. As a result, the market was in an uptrend and formed a strong support at the level of 1.5585 (the weekly pivot point). It should be noted that the support coincides with the ratio of 50% Fibonacci retracement levels for that it represents strong support on the H1 chart. So, the price of 1.5585/1.5572 is the key level to confirm the bullish market. For that reason, the market will probably indicate the bullish opportunity at the level of 1.5585 and the level will act as support. Therefore, the price of GBP/USD will give a good sign to buy above 1.5585 with the first target at 1.5713 again. Besides, if the trend can break the first resistance at 1.5713, as a consequence, the trend will be continuing towards the 1.5766 price in order to form a double top.

Intraday Technical Levels:

  • R3: 1,5790
  • R2: 1,5746
  • R1: 1,5695
  • PP: 1,5651
  • S1: 1,5600
  • S2: 1,5556
  • S3: 1,5505
  • R2: 1,5746
  • R1: 1,5695
  • PP: 1,5651
  • S1: 1,5600
  • S2: 1,5556
  • S3: 1,5505
  • Note:

    • 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 reache resistance 2 or support 2 and even resistance 3 or support 3.


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