Overview:
According to previous events, the price has still been trapped between 1.5280 and 1.5215, so it is wise to be careful in this range area around the level 38.2% of Fibonacci retracement levels and 00% (it will form a double bottom). Therefore, the first step is to wait for a period of tight sideway range market before breakouts. Probably the market is going to start showing bullish signs. In other words, it will be a good sign to buy above the support 1 (1.5090) with the first target of 1.5263 and it will climb towards the first resistance at 1.5315. However, if the pair could not break this resistance, hence the market will indicate a bearish opportunity below 1.5315 (it should be noted that the 38.2% of Fibonacci retracement level is 1.5328). Then the level is going to act as strong resistance. It will be a good sign to sell below 1.5240 with the first target of 1.5180 and it is going to call for downtrend in order to continue a bearish move towards 1.5157 in order to form a double bottom.
Technical levels (for a long period):
Time & date: 21/05/2013 03:26
Pair: GBP/USD
Projected High: 1.5456
Breakout (buy stop): 1.5401
Strong resistance (sell limit): 1.5371
Current pivot: 1.5218
Strong support (buy limit): 1.5065
Breakout (sell stop): 1.5040
Projected low:1.4990