FX.co ★ Technical analysis of GBP/USD for February 26, 2014

Trading recommendations:

• According to the previous events, the GBP/USD pair is going to move between the level of 1.6635 and 1.6717. The resistance is set at the level of 1.6754. Consequently, the market will indicate a bearish opportunity below 1.6760, because the level of 1.6754 is going to act as strong resistance February 26, 2014. Accordingly, it will be a good sign to sell below this level today with the first target of 1.6680 in order to test the weekly pivot point in H1 chart. Moreover, if the trend succeeds to close below 1.6680, then the market will be continuing in downtrend below the weekly pivot point towards the level of 1.6544. But the stop loss should be placed above 1.6760 at the price of 1.6785.

Intraday technical levels:

• Projected high:1.6896
• Breakout (buy stop):1.6841
• Strong resistance (sell limit):1.6811
• Current pivot:1.6684
• Strong support (buy limit):1.6556
• Breakout (sell stop):1.6531
• Projected low:1.6481