FX.co ★ GBP/USD: technical analysis for November 29, 2013

Forecast (GBP/USD):

• According to the previous events, the price has still been trapped between 1.5360 and 1.6306.
• Buy above 1.6280 with the first target of 1.6280, it might resume to 1.5280. Stop loss should be set below 1.5025.
• Below 1.6356 (100% of Fibonacci retracement levels) look for further downside with targets at 1.6340 and 1.6416. (it should be noted that the level of 1.6356 will form a strong resistance for November 29, 2013).

Notes:

• Range: 81pips.
• Risk of 81pips must make a profit of 121,50.
• The value of 50% Fibonacci retracement levels is 1,6317.
• Volatility: 132,16, therefore the market indicates the higher volatility.