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    Technical analysis of GBP/USD for November 16, 2014

    The weekly Technical analysis of GBP/USD pair:

    gbpusd-pp.jpg

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    Overview:

    • The GBP/USD pair movement will continue from the level of 1.5180 on the H1 chart. Moreover, this level was confirmed by the bullish market a week ago. Additionally, the price of the GBP/USD pair has been showing an upward trend at the same price, which represents the weekly pivot point. Therefore, the market will indicate the bullish opportunity at the level of 1.5180. Besides, the pivot became a minor support. Accordingly, it will be a good sign to buy at 1.5180 (in the short term) with the first target at 1.5264 in order to form a double top and further to 1.5320 in the same time frame. Furthermore, this level of taking profit will coincide with the weekly resistance 1 for that it is going to be a good place for take profit. On the other hand, the stop loss should be placed below the double bottom at the price of 1.5140.

    Notes:

    • The weekly pivot point will be set at the level of 1.5180.
    • The strong resistance was set at 1.5320.
    • We expect a range about 140 pips in coming days.
  • The strong resistance was set at 1.5320.
  • We expect a range about 140 pips in coming days.

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