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    Technical analysis of GBP/USD for July 17, 2015

    GBPUSDH4.png

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    Overview:

    • The first key level is seen at 1.5650 and the second key level is seen at 1.5690 today. Also, it should be noted that both levels represent the weekly resistance 1 and resistance 2 respectively. Equally important, the weekly pivot point sets at the level of 1.5606. Moreover, the GBP/USD pair has still been moving between 1.5650 and 1.5533. Additionally, it should be mentioned that the range will be about 120 pips today. As a further matter, the trend is very clear and indicates an upward move. Accordingly, we expect that the trend is going to call for the bearish market at the level of 1.5650. As a result, buy at the level of 1.5650 with targets at 1.5583 and 1.5540 in order to test the double bottom in the H4 chart. On the other hand, your stop loss should be placed above the weekly resistance, which is seen at the level of 1.5690.

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