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    Technical analysis of GBP/USD for October 5, 2015

    The weekly technical analysis of GBP/USD pair:

    gbpusd_pp.png

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    Overview:

    • According to the previous events, the price of the GBP/USD pair has been still trading between the levels of 1.5112 and 1.5246. Additionally, the level of 1.5176 represents the weekly pivot point. It should be noted that the weekly pivot point coincides with the ratio of 50% Fibonacci retracement levels. So, sell below 1.5176 in the short term with the first target of 1.5112 in order to test the weekly support 1. Moreover, a double bottom is at the point of 1.5106. If the GBP/USD pair breaks the weekly support 1 and the double bottom around the area of 1.5112 and 1.5106, it might resume to 1.5075. The stop loss should never exceed your maximum exposure amounts. Subsequently, it will be rather profitable to set your stop loss at the level of 1.5250.

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