FX.co ★ GBP/USD: technical analysis for December 18, 2013

Daily pivot point: 1.6266.

GBP/USD:

• Resistance: 1.6390 (sell below this level).
• Support: 1.6166 (buy above this level after a retest in the short term).

Trading recommendations:

• According to the previous events, the price has been between the levels of 1.6305 and 1.6245
• The descending movement will probably be lower than the 1.6387 level with the first targets at 1.6335 and 1.62.
• Buy orders are recommended above the 1.6166 level with targets at 1.6290 and 1.6340.

Note: The weekly pivot point for Decembe 16-20, 2013 will be determined at 1.6340.