- According to the preceding news, the GBP/USD pair is still moving between 1.6250 and 1.6385.
- So, the range of the pair will be around 120 pips on the face of maximum today.
- Therefore, sell below the level of 1.6385 which represents the ratio of 61.8% Fibonacci retracement levels with the first target at the 1.6270 price, then It will call for ф downtrend in order to continue its bearish movement towards 1.6246 in order to test this strong support (it should be noted that the price of 1.6257 is going to form a new double bottom around the ratio of 23.6% Fibonacci retracement levels).
- At the same time, the stop loss should be placed at the level of 1.6450.
Intraday technical levels:
Date and Time:26/09/2014 10:46
- R3: 1.6411
- R2: 1.6376
- R1: 1.6345
- PP: 1.6310
- S1: 1.6279
- S2: 1.6244
- S3: 1.6213
- It should be noted that if there is no significant news to influence, the market price will be moving from pivot point to resistance 1 or support 1. But if there is significant news to influence, the market price may go straight through resistance 1 or support 1 and reaches resistance 2 or support 2 and even resistance 3 or support 3.
The material has been provided by InstaForex Company – www.instaforex.com