FX.co ★ Technical analysis of GBP/USD for May 29, 2014

Trading recommendations:

• According to the previous events, the price of the GBP/USD pair has still been trapped between 1.6753 and 1.6710. The resistance has already set at the level of 1.6760. Additionally, it should be noted that if the trend is ascending, then the strength of the currency will be defined as follows: GBP is in uptrend and USD is in downtrend. Therefore, it will be of the insight to sell in this area (1.6760) with the first target at 1.6669 in order to try to break the weekly support one, then the price will be able to continue in downtrend towards 1.6625 (a new double bottom is going to be formed at the level of 1.6625 in H1 chart). On the other hand, the stop losses should be placed above 1.6780.

Intraday technical levels:

Date and Time: 29/05/2014 14:18

Pair: GBP/USD

• R3: 1.6784
• R2: 1.6761
• R1: 1.6737
• PP: 1.6714
• S1: 1.6690
• S2: 1.6667
• S3: 1.6643