It should be noticed that the price of the GBP/USD pair has opened below the weekly support 1 at the level of 1.6650. Additionally, the market was in downtrend three days ago. Therefore, the market will probably indicate a bearish opportunity at the level of 1.6650 in the short term. Also, the weekly support 1 will act as strong resistance on March 14, 2014 because support becomes resistance after breaking it. So, according to the previous events, the price has still been moving between the price of 1.6630 and the 1.6600 level. Thenceforward, the area below 1.6650 (below the weekly resistance 1) looks for further downside with the first target at the 1.6580 level in order to form to test the weekly resistance 2 and continue towards 1.6567 to test the double bottom in H1 chart. However, the stop loss should be placed at the price of 1.6713.
The material has been provided by InstaForex Company – www.instaforex.com
The material has been provided by InstaForex Company – www.instaforex.com
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