FX.co ★ GBP/USD: technical analysis for October 16, 2013

Intraday trading recommendations:

GBP/USD:

• According to the previous events, the price has still been trapped between 1.6000 and 1.5645. The level of 1.5870 will indicate strong support.
• Moreover, the price will form a double bottom at the level of 1.5915.
• Therefore, it will be wise to buy at 1.5900 with the first target at 1.5999 (the weekly pivot point), then it will continue towards 1.6045.
• The stop loss should be placed below 1.5943.

Intraday technical levels:

Date & Time: 16/10/2013 03:45

Pair: GBP/USD

Projected High: 1.6330

Breakout (Buy Stop): 1.6275

Strong Resistance (Sell Limit): 1.6245

Current Pivot:1,5998

Strong Support (Buy Limit): 1.5750

Breakout (Sell Stop): 1.5725

Projected Low: 1.5675