FX.co ★ Technical analysis of GBP/USD for October 31, 2014

Trading recommendations: 

• According to the previous events, the price of the GBP/USD pair has still moved between the prices 1.5990 and 1.5947. The level of 1.5994 represents the weekly pivot point. It should be noted that the weekly pivot point coincides with the ratio of 38.2% Fibonacci retracement levels. Hence, the new resistance has set at the level of 1.5994; for that sell below 1.5994 in the long term with the first target of 1.5947 in order to test the double bottom; it might resume to 1.5910 (near of support area) if the trend will be able to break the double bottom at 1.5947. The stop loss should never exceed your maximum exposure amounts. Thus, it will be rather profitable to set your stop loss at the level of 1.6053.

Intraday technical levels:

Date :31/10/2014 

Pair:GBP/USD 

• R3: 1.6132
• R2: 1.6084
• R1: 1.6045
• PP: 1.5997
• S1: 1.5958
• S2: 1.5910
• S3: 1.5871