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    Technical analysis of GBP/USD for July 21, 2015

    The weekly technical analysis of EUR/USD pair:

    eurusd_pp.png

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    Overview:

    • It should be noticed that there is no gap this week because the EUR/USD pair has opened at the same price it had closed last week. This week, the pivot point sets at the level of 1.0951 and the weekly support 1 is seen at 1.0705. Therefore, the market will probably indicate a bullish opportunity at the level of 1.0705 and the weekly pivot point will act as minor resistance. So, according to the previous events, the price has still been moving between the levels of 1.0828 and 1.0951. Thenceforward, the area above 1.0828 (above the weekly double bottom) calls for further upside with the first target at 1.0915 in order to test the minor resistance and continue towards 1.3805. However, stop loss should be placed below the weekly support 1 (1.0705).

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