FX.co ★ Technical analysis of GBP/USD for December 3, 2014

Trading recommendations: 

• According to previous events, the price of GBP/USD pair has still trapped between 1.5694 and 1.5585. 
• It should note that the weekly pivot point is set at the level of 1.5694 and the double bottom set at 1.5585. Also, it have to notice that the psychological level is placed at 1.5762 (50% of Fibonacci retracement levels). 
• Buy above 1.5562 with the first target of 1.5690, it might resume to 1.5750. 
• Below the resistance of 1.5773 look for further downside with a target at 1.5694 in order to test the weekly pivot point at the level of 1.5590.
• We expect a range between the levels of 1.5733 and 1.5562 this week.

Intraday technical levels:

Date:3/12/2014

Pair:GBP/USD 

• R3: 1.5781
• R2: 1.5739
• R1: 1.5712
• PP: 1.5670
• S1: 1.5628
• S2: 1.5601
• S3: 1.5559