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Technical analysis of GBP/USD for December 7, 2015

Weekly technical analysis of GBP/USD:

gbpusd_pp.jpg

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Overview:

According to the previous events, the price of the GBP/USD pair is still below the weekly pivot point (1.5054). The descending movement will probably be higher than the level of 1.5158. History will probably repeat itself at this level again. Consequently, it will be a good sign to sell below the weekly pivot point (1.5054) with the first target of 1.5158 in order to test the double top. Moreover, the double top is coinciding with the weekly resistance 1. Then, it will call for a downtrend to continue with its bullish movements towards the price of 1.5214, which represents the weekly resistance 2. Stop loss should always be taken into account. Hence, it will be very beneficial to set your stop loss and it should never exceed your maximum exposure amounts. For that reason, stop loss should be placed below the support level at the price of 1.5025.


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