GBPUSD: According to previous events, the price has still been trapped between 1.6430 and 1.6480.
Buy above 1.6425 with the first target of 1.6475, it might resume to 1.6525. Stop loss should be set below 1.6400, additionally the weekly resistance 1 is set at the level of 1.6420 (resistance has become support). Therefore, the best location to place your stop loss is below the weekly resistance 1 in case you had already bought.
Below 1.6505 (1.6482: 127.2% of Fibonacci retracement levels) look for further downside with targets at 1.6450 and 1.6415; moreover, it should be noted that this level of 1.6482 will be matched with the golden ratio of the Fibonacci retracement levels. (Note: the square root of 1.618 = 1.272)
Stop loss should be set above 1.6540 because this price will form the weekly resistance 2.
The material has been provided by InstaForex Company – www.instaforex.com
Weekly pivot point: 1.6360.
The material has been provided by InstaForex Company – www.instaforex.com
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