FX.co ★ Technical analysis of GBP/USD for October 15, 2014

Trading recommendations:

• The resistance of the GBP/USD pair has already set at 1.6085 on October 15, 2014. Also, it should be noted that the level of 1.6085 is representing the pivot point. Therefore, it will be very profitable to sell above this level for retesting this level in the long term. Consequently, sell deals are recommended below the weekly pivot point with targets at 1.5945 (the level of 1.3838 is representing the weekly support 1). Additionally, the descending movement will probably be lower than the 1.5945. Moreover, it continues toward the level of 1.5903 in order to call for a bearish market from today. The stop loss should always be in account for that it will be very safe to set the stop loss at the level of 1.6115.

Notes:

• We expect a new range about 105 pips today.
• The key level will set at the level of 1.5945.
• The support of the GBP/USD pair has already set at 1.5812. Moreover, the weekly support 2 will set at the same level.
• If the trend fails to close above the level of 1.5945, it will be a good opportunity to sell below 1.5945 with the target at 1.5903.
• The price of 1.6085 is representing the weekly pivot point and 1.6115 is going to form a double top.