FX.co ★ GBP/USD weekly technical levels for June 25 -- 28, 2013

Weekly technical levels:

Overview:

GBP/USD: According to the previous events, the price has still been trapped between 1.5440 and 1.5410, then it should be noted that the range today will be around 110 pips. Consequently, the trend on the time frame H1 is called for a bearish market at the level of 1.5510. Hence, below 1.5510 look for further downside move with targets at 1.5400 and 1.5315. On the other hand, buy above 1.5300 with the first target at 1.5412; it might resume to 1.5560 in this week in order to test the strong resistance at the level of 1.5510.

Observations:

• If the trend is of an upside character, then the strength of the currency will be defined as follows: GBP is an uptrend and USD is a downtrend.
• Fibonacci retracement is used to determine accurate psychological levels of support and resistance. The period of time should be taken into account.
• Fibonacci is in a range trade; it looks like the trend is trapping and going up or down. If you sell or buy in the long term in this period, you will lose your profit.