Forecast:
According to the previous events, the price of the GBP/USD pair has still been trapped between 1.6367 and 1.6306. The level of 1.6363 represents the daily pivot point. It should be noted that the daily pivot point coincides with the ratio of 38.2% Fibonacci retracement levels. Thus, sell below the price of 1.6363 in the short term with the first target of 1.6306 in order to test the double bottom; it might resume to 1.6270 (support) if the trend will be able to break the double bottom at 1.6363. The stop loss should never exceed your maximum exposure amounts. Hence, it will be quite profitable to set your stop loss at the level of 1.6395.Intraday technical levels:
Date:5/09/2014
Pair:GBP/USD
R3: 1.6578 R2: 1.6522 R1: 1.6419 PP: 1.6363 S1: 1.6260 S2: 1.6204 S3: 1.6101