Forecast:
GBP/USD: (long term)
According to the previous events, the price has still been trapped between 1.5555 and 1.5515. Buy above 1.5420 with the first target at 1.5525, it may resume to move to 1.5616. Stop loss should be set below 1.54. Below 1.5690 (1.5719: 100% of Fibonacci retracement levels) look for further descending movement with targets at 1.5530 and 1.5450. Stop loss should be set above 1.5715.
Observations:
Use historic prices to determine future prices. Fibonacci retracement should be used to determine an accurate psychology level of support and resistance, and playing according to it in this kind of period. Fibonacci in a range trader (it is looks like the trend is trapping and going up or down, if you sell or buy for a long term in this period you will go sure for losing your profit. Stop loss should never exceed your maximum exposure amounts. Usually, the market has a high volatile, if the last day had a huge volatility.