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05.09.2014 12:13 PM
Technical analysis of GBP/USD for September 5, 2014
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Forecast:

  • According to the previous events, the price of the GBP/USD pair has still been trapped between 1.6367 and 1.6306.
  • The level of 1.6363 represents the daily pivot point. It should be noted that the daily pivot point coincides with the ratio of 38.2% Fibonacci retracement levels.
  • Thus, sell below the price of 1.6363 in the short term with the first target of 1.6306 in order to test the double bottom; it might resume to 1.6270 (support) if the trend will be able to break the double bottom at 1.6363.
  • The stop loss should never exceed your maximum exposure amounts. Hence, it will be quite profitable to set your stop loss at the level of 1.6395.

Intraday technical levels:

Date:5/09/2014

Pair:GBP/USD

  • R3: 1.6578
  • R2: 1.6522
  • R1: 1.6419
  • PP: 1.6363
  • S1: 1.6260
  • S2: 1.6204
  • S3: 1.6101
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