FX.co ★ GBP/USD: weekly technical levels for May 27 -- 31, 2013

Weekly technical levels:

Date & Time: 26/05/2013 23:26

Pair: GBP/USD

Projected High: 1.5632

Breakout (Buy Stop): 1.5577

Strong Resistance (Sell Limit): 1.5547

Current Pivot: 1.5147

Strong Support (Buy Limit): 1.4746

Breakout (Sell Stop): 1.4721

Projected Low: 1.4671

Trading recommendations:

According to previous events, the price has still been trapped between 1.5180 and 1.5050.

Buy above 1.5000 with the first target of 1.5115, it might resume to 1.5221. Stop loss should be set below 1.4957.

Below 1.5280 (100% of Fibonacci retracement levels) look for further downside with targets at 1.5178 and 1.5070. Stop loss should be set above 1.5330.