FX.co ★ Technical analysis of GBP/USD for April 9, 2014

Forecast:

• According to the previous events, the price of GBP/USD pair has still been trapped between 1.6750 and 1.6683.
• The level of 1.6763 is representing the strong resistance on April 9, 2014.
• It should be noted that the price of 1.6763 is coinciding with the ratio of 161.8 Fibonacci.
• The minor resistance has set at the level of 1.6654.
• The market was calling in uptrend for that the trend broke the resistance. Thereupon, the resistance became a strong support since yesterday.
• So, buy above the level of 1.6654 in the short term with the first target of 1.6718, it might resume to 1.6767 if the trend will be able to break the weekly resistance 2 at 1.6734.

Intraday technical levels:

• R3: 1.6945
• R2: 1.6849
• R1: 1.6798
• PP: 1.6702
• S1: 1.6651
• S2: 1.6555
• S3: 1.6504