Trading recommendations:
According to the previous events, the price of the GBP/USD pair has still trapped between the level of 1.6470 and the 1.6400 level. Buy above 1.6355 with a first target of 1.6425, it can resume to 1.6468 to test the weekly pivot point for January 6 - 10, 2014. Below 1.65 / 1.6540 (78.2% of Fibonacci retracement levels) look for further downside with 1.6475 and 1.6336 targets.
Notes:
Double bottom: 1.6336. Daily range: around 107 pips. Daily pivot point 1.6393.Intraday technical levels:
R3: 1,6556
R2: 1,6500
R1: 1,6449
PP: 1,6393
S1: 1,6342
S2: 1,6286
S3: 1,6235