FX.co ★ Technical analysis of GBP/USD for December 17, 2014

Overview:

• The GBP/USD pair movement will continue directly from the level of 1.5585, but the minor support has been set at the level of 1.5671. Moreover, this level was confirmed by bullish market yesterday. Additionally, the price of the GBP/USD pair has been showing an upward trend at the same price which represents the weekly pivot point. Therefore, the market will indicate the bullish opportunity at the level of 1.5671. Also, it should be noted that the weekly pivot point became the support yesterday. Accordingly, it will be a good sign to buy at 1.5671 (in the short term) with the first target of 1.5741 and further to 1.5786 in order to form a double top. Also, it might mean that the level of 1.5786 is coinciding with the 38.2% of Fibonacci retracement levels in the H1 chart. On the other hand, the stop loss should be placed below 1.5671 at the price of 1.5650.

Intraday technical levels:

Date:17/12/2014

Pair:GBP/USD

• R3: 1.5991
• R2: 1.5888
• R1: 1.5818
• PP: 1.5715 (the weekly pivot point was alreday set at the price of 1.5671)
• S1: 1.5645
• S2: 1.5542
• S3: 1.5472