FX.co ★ GBP/USD technical analysis for February 22, 2013

Weekly pivot point: 1.5592.

GBP/USD:

Resistance:1.5460 (sell below this level).

A stop loss must be placed above 1.5500.

Support: 1.5160 (buy above this level to retest it for a long period).

A stop loss has been set below 1.5120.

Trading recommendations:

According to the previous events, the price is still between the levels of 1.5360 and 1.5300.
The descending movement will probably be lower than the 1.5460 level with the first targets at 1.5320 and 1.5210.
Buy deals are recommended above the 1.5160 level with targets at 1.5380 and 1.5433.

If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com.