Overview:

• The market of GBP/USD pair has been in a downtrend for several weeks and started dropping form the level of 1.4850 yesterday. Also, it should be noted that the price of the GBP/USD pair opened below the weekly pivot point at the level of 1.4835. Additionally, the double top sets at 1.4855 in the H1 chart. Therefore, the market will probably indicate a bearish opportunity at the level of 1.4855/1.4835 in the short term. According to the previous events, the price is going to move between the levels of 1.4850 and 1.4742. The level of 1.4739 is going to represent the double bottom and strong support is likely to be set at 1.4740. Therefore, the area below 1.4740 looks for further downside with the first target at 1.4939 (the double bottom) and continue towards 1.4634 in order to test weekly support on the same chart. However, the stop loss should be placed at 1.4885.

Intraday technical level:

Date: 2/4/2015

Pair: GBP/USD

• Projected high: 1.4885
• Breakout (buy stop): 1.4853
• Strong resistance (sell limit): 1.4840
• Current pivot: 1.4800
• Strong support (buy limit): 1.4742
• Breakout (sell Stop): 1.4733
• Projected low: 1.4634