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    Technical analysis of GBP/USD for May 8, 2015

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    Overview:
    • According to the previous events, the price of the GBP/USD pair is going to move between the levels of 1.5497 and 1.5248. Equally important, it should be noted that the level of 1.5248 is representing a strong support in the H1 chart. Additionally, the level of 1.5497 is going to form a double top. Consequently, the range of the GBP/USD pair will be around 135 pips on Friday 8th April 2015. Consequently, the market will indicate a bullish opportunity above 1.5248 because the level of 1.6730 is going to act as strong support and it is representing the weekly pivot point at the same time. Therefore, it will be a good sign to buy above this level today with the first target at 1.5350 in order to try to break the minor resistance.
    Technical levels:
    • Projected high: 1.5497.
    • Breakout (buy stop): 1.5375.
    • Strong resistance (breakout): 1.5350.
    • Current pivot: 1.5300
    • Strong support (buy limit): 1.5248 (the weekly pivot point).
    • It should be noted that if there is no significant news to influence, the price will be moving from pivot point to resistance 1 or support 1. But if there is significant news to influence, the price may go straight through resistance 1 or support 1 and reach resistance 2 or support 2 and even resistance 3 or support 3.

    Mourad El Keddani neemt deel aan de "Analyst of the Year" onderscheiding georganiseerd door MT5.com portal. Als u zijn artikel goed vindt, stemt u dan op hem.

    Uitgevoerd door, Analytische expert
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