GBP/USD technical analysis for July 24, 2013

 

Forecast: 

GBPUSD: According to previous events, the price has still been trapped between 1.5390 and 1.5340. Buy above 1.5260 with the first target of 1.5310, it might resume to 1.5380. Stop loss should be set below 1.5190, additionally the weekly pivot point is set at the level of 1.5191. Therefore, the best location to place your stop loss is below the weekly pivot point in case you had already bought. Below 1.5393 (1.5393: 100% of Fibonacci retracement levels) look for further downside with targets at 1.5310 and 1.5254, moreover, it should be noted that this level 1.5254 will be matched with the golden ratio of the Fibonacci retracement levels. Stop loss should be set above 1.5445 because this price will be formed the weekly resistance 2.

 

Intraday technical levels:

Date: 24/07/2013

Pair: GBP/USD 

Projected High: 1.5548 

Breakout (Buy Stop): 1.5493 

Strong Resistance (Sell Limit): 1.5463 

Current Pivot: 1.5358 

Strong Support (Buy Limit): 1.5253 

Breakout (Sell Stop): 1.5228 

Projected Low: 1.5178