FX.co ★ GBP/USD technical analysis for July 24, 2013

Forecast:

GBPUSD: According to previous events, the price has still been trapped between 1.5390 and 1.5340. Buy above 1.5260 with the first target of 1.5310, it might resume to 1.5380. Stop loss should be set below 1.5190, additionally the weekly pivot point is set at the level of 1.5191. Therefore, the best location to place your stop loss is below the weekly pivot point in case you had already bought. Below 1.5393 (1.5393: 100% of Fibonacci retracement levels) look for further downside with targets at 1.5310 and 1.5254, moreover, it should be noted that this level 1.5254 will be matched with the golden ratio of the Fibonacci retracement levels. Stop loss should be set above 1.5445 because this price will be formed the weekly resistance 2.

Intraday technical levels:

Date: 24/07/2013

Pair: GBP/USD

Projected High: 1.5548

Breakout (Buy Stop): 1.5493

Strong Resistance (Sell Limit): 1.5463

Current Pivot: 1.5358

Strong Support (Buy Limit): 1.5253

Breakout (Sell Stop): 1.5228

Projected Low: 1.5178