The price of GBP/USD pair is going to turn to bullish sentiment from the level of 1.6566. Additionally, the price of 1.6566 is coinciding with the double bottom and the ratio of 00% Fibonacci retracement levels in H1 chart. Accordingly, it will a good sign to buy above 1.6566 with the first target of 1.6651 to test a minor resistance at this price and it should be noted that the price of 1.6651 is representing the weekly pivot point for March 19-21, 2014. Also, it will call for uptrend in order to continue its bullish movement towards 1.6736. Equally important, the resistance will set at the 1.6736 level. So, it will very useful to take profit at this spot. At the same time, the stop loss should be placed below the double bottom at the price of 1.6623. Futhermore, it should be noted that the range today will be about 83 pips. Another thought, the stop loss has set in 50 pips. Consequently, the risk of 50 pips should make a profit of 75 pips.
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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