Overview:

• Today, the GBP/USD pair is going to turn to bullish sentiment from the level of 1.4867. You have to note that the level of 1.4867 represents strong support because this level was resistance and turned to support. Additionally, the price of 1.4867 is coinciding with the 50% of Fibonacci retracement levels. It is likely to be a good sign to buy above 1.4867 with the first target at 1.1964 to test minor resistance. Also, it will call for uptrend in order to continue its bullish movement towards 1.4994 (it should be noticed that the price of 1.4994 is representing the double top). Resistance will be set at the level of 1.4990. So, it is going to be very useful to take profit at this spot. At the same time, the stop loss should be placed below the double bottom at 1.4841. Furthermore, we expect that the range to get about 162 pips. The stop loss has been set in 54 pips. Consequently, the risk of 54 pips should make a profit of 162 pips.

Obseravtions:

• The double top will set at the level of 1.4994.
• The minor support is going to set at 1.4897. And this level is going to represent the daily pivot point on April 08, 2015.
• The major support had been already set at 1.4867. Moreover, the double bottom is also coinciding with the major support.
• The price hit the weekly pivot point and the support 1 last week, because of the series of relatively equal highs and equal lows.
• We expect a range of 310 pips this week.