FX.co ★ GBP/USD: Weekly technical levels for March 11 - 15, 2013

Weekly technical levels:

It should notice that if the trend is of a downside character, then the strength of the currency will be defined as follows: GBP is a downtrend and USD is an uptrend.

The last three resistances are:

R3: 1.5433 | R2: 1.5315 | R1: 1.5119

The last three supports are:

S1: 1.4805 | S2: 1.4687 | S3: 1.4491

Trading recommendations:

Swing bearish trade = (sum of resistances) + (sum of supports) / (total of resistances) + (total of supports)
= (average of resistances) + (average of supports) / 2
= (1,5289 + 1,4661) / 2
= 1.4975
The market will indicate a bearish opportunity on the level of 1.4975.
Take profit should be placed at weekly support 1.
The value of 78% Fibonacci retracement is: 1.5129 on H1 chart.
The best location for placing a stop loss should be above 1.5129.

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