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    Technical analysis of GBP/USD for February 29, 2016 2016-02-29

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    Overview:

    • The GBP/USD pair has dropped sharply from the level of 1.4011 towards 1.3858 since last week.
    • Today, the price is set at the level 1.4011 that will act as a weekly pivot point.
    • The GBP/USD pair is still moving between 1.4011 and 1.3716.
    • Furthermore, the price has been set below the strong resistance at the levels of 1.4011 and 1.3906.
    • Additionally, the price is in a bearish channel now. Amid the previous events, the pair is still in a downtrend from the spots of 1.4011 and 1.3906.
    • From this point, the GBP/USD pair is continuing with a bearish trend from the new resistance of 1.3906.
    • Thereupon, the price spot of 1.4011 and 1.3906 remains a significant resistance zone.
    • Therefore, a possibility that the GBP/USD pair will have downside momentum is rather convincing and the structure of a fall does not look corrective. In order to indicate a bearish opportunity below 1.3906, sell below 1.3906 with the first targets at 1.3840 and 1.3720 (the weekly support 1 is seen at 1.3716).
    • However, the stop loss should be located above the level of 1.4020.
    • Today, the price is set at the level 1.4011 that will act as a weekly pivot point.
    • The GBP/USD pair is still moving between 1.4011 and 1.3716.
    • Furthermore, the price has been set below the strong resistance at the levels of 1.4011 and 1.3906.
    • Additionally, the price is in a bearish channel now. Amid the previous events, the pair is still in a downtrend from the spots of 1.4011 and 1.3906.
    • From this point, the GBP/USD pair is continuing with a bearish trend from the new resistance of 1.3906.
    • Thereupon, the price spot of 1.4011 and 1.3906 remains a significant resistance zone.
    • Therefore, a possibility that the GBP/USD pair will have downside momentum is rather convincing and the structure of a fall does not look corrective. In order to indicate a bearish opportunity below 1.3906, sell below 1.3906 with the first targets at 1.3840 and 1.3720 (the weekly support 1 is seen at 1.3716).
    • However, the stop loss should be located above the level of 1.4020.

     

     


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