- GBP/USD: It should be noticed that resistance (1.6353) and support (1.6190) are considered to be clear indicators of the maximum range of extreme volatility on September 12, 2014, though it is possible to pass them through. Also, it should be noted that the price of 1.6190 represents the weekly support 1 and the ratio of 50% Fibonacci retracement levels coincides with the level of 1.6353. Therefore, according to the previous events, the GBP/USD pair has still been trapped between 1.6190 and 1.6303. Hence, probably the market is going to start showing the signs of a bullish market above the price of 1.6190, because it represents major support. In other words, it will be a good idea to buy above the support (1.6190) with the first target of 1.6285 in order to try breaking the daily pivot point, then it will call for an uptrend to continue its bullish movement towards 1.6350 (the level of 1.6353 represents strong resistance today).
The material has been provided by InstaForex Company – www.instaforex.com