FX.co ★ Technical analysis of GBP/USD for August 31, 2015

The weekly technical analysis of GBP/USD pair:

Trading recommendations:

• According to the previous events, the GBP/USD pair is still trapping between the levels of 1.5515 and 1.5213.
• The level of 1.5515 represents the weekly pivot point and the weekly support one is set at 1.5213.
• Therefore, we expect a range of at least 302 pips this week. Sell below the level of 1.5515 in the short term with the first target at 1.5335 in order to form a double bottom.
• Moreover, if the trend is be able to break the double bottom at 1.5335, it might move towards the first weekly support at 1.5213.