Intraday trading recommendations:
GBP/USD:
According to the previous events, the price has still been trapped between 1.6000 and 1.5645. The level of 1.5870 will indicate strong support. Moreover, the price will form a double bottom at the level of 1.5915. Therefore, it will be wise to buy at 1.5900 with the first target at 1.5999 (the weekly pivot point), then it will continue towards 1.6045. The stop loss should be placed below 1.5943.
Intraday technical levels:
Date & Time: 16/10/2013 03:45
Pair: GBP/USD
Projected High: 1.6330
Breakout (Buy Stop): 1.6275
Strong Resistance (Sell Limit): 1.6245
Current Pivot:1,5998
Strong Support (Buy Limit): 1.5750
Breakout (Sell Stop): 1.5725
Projected Low: 1.5675