FX.co ★ Technical analysis of GBP/USD for March 27, 2015

Overview:

• Today, resistance and support have been set at the levels of 1.5093 and 1.4746 respectively. They are considered to be clear indicators of the maximum range of extreme volatility, though it is possible to pass them through. It should be noted that the daily pivot point is seen at the level of 1.4850 for that it will act as a psychological level. Therefore, the pivot lines work well on the sideways markets, as prices are most likely to be located between the resistance and support lines. Hence, according to the previous events, the GBP/USD pair is going to move between 1.5078 and 1.4753. So, our forecast will be the following:
• look for further downside below the prices of 1.4990 and 1.5030 with a target at 1.4850 and continue towards the level of 1.4750 in order to test weekly support on March 27 ,2015. On other hand, the stop loss should be placed at the 1.5105 price.

Intraday technical levels:

Date:26/03/2015

Pair:GBP/USD

• R3: 1.5147
• R2: 1.5071
• R1: 1.4959
• PP: 1.4883
• S1: 1.4771
• S2: 1.4695
• S3: 1.4583