FX.co ★ GBP/USD technical analysis for July 3, 2013

GBP/USD:

Resistance: 1.5340 (sell below this level).

Support: 1.5135 (buy above this level for retesting this level for a short period).

Trend (time frame: H1/H4): downward (there is still an ongoing bearish trend).

Range: 315 pips (weekly).

Volatility: 482.60.

The weekly pivot point will be set at the level of 1.5283.

Trading recommendations:

According to the previous events, the price is still between the levels of 1.5285 and 1.5250.

The descending movement will probably be lower than the 1.5340 level with the first targets at 1.5290 and 1.5210.

Buy deals are recommended above 1.5135 with targets at 1.5283 and 1.5335.

Intraday technical levels:

Date & Time:3/07/2013 13:46

Pair:GBP/USD

R3: 1,5432

R2: 1,5374

R1: 1,5316

S1: 1,5201

S2: 1,5142

S3: 1,5085