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Technical analysis of GBP/USD for May 11-15, 2015

Overview:
  • The market of GBP/USD pair was very stable and the trend was also clear because the pair called for a strong bullish market from the support of 1.5353 (the weekly pivot point). Consequently, the market will probably start showing the signs of tight uptrend again from the same level. But, the GBP/USD pair will be restricted by the levels of 1.5353. So, it would be intellect to pay attention to this area. Moreover, it should be noted that the double bottom is going to set at the price of 1.5350. Additionally, resistance stood at 1.5619. Thus, we predict a tiny range from the level of 1.5353 to 1.5619 this week. Therefore, try to buy at a lower price around the weekly pivot point at the price of 1.5353 with the first target of 1.5521 (the price of 1.5521 is representing the double top in H1 chart). It will climb towards 1.5619 in order to test the weekly resistance one.
gbpusdh1.png

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Observations:
  • We expect a weekly range of 266 pips (1.5353 - 1.5619).
  • Strong support level will be formed at the price of 1.5353 today.
  • The value of 61.8 % Fibonacci retracement levels has set at the 1.5356 level. Moreover, it is the key level to confirm the bullish market.
  • Please check out the market volatility before investing, because the sight price may have already been reached and scenarios might have become invalidated.
The weekly technical analysis of GBP/USD pair:
gbpusd_pp.png

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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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