A summary of the GBP/USD pair.

• According to the previous events, the price of GBP/USD pair has still been trapped between the levels of 1.6070 and 1.5950.
• The level of 1.6069 is representing the weekly pivot point that coincides with the ratio of 38.2% Fibonacci retracement levels.
• Sell below the level of 1.6069 in the short term with the first target of 1.5951 (the double bottom), it might resume to 1.5853 if the trend will breaks the double bottom at the price of 1.5951.

Observations:

• If the trend is upward, then the strength of the currency will be defined as follows: GBP is in an uptrend and USD is in a downtrend.
• Major support will set at the level of 1.5853 on October 6, 2014.
• Major resistance will set at the level of 1.6188 on October 6, 2014.
• We expect a new range up to 245 pips this week.