GBP/USD: Trading recommendations

Yuri Papshev Independent Analyst

GBP/USD maintains positive long-term dynamics, trading in the zone above the long-term support levels 1.3800, 1.3670. The break of the important short-term resistance level 1.3913 will be the second signal confirming the resumption of the uptrend. And an increase in the zone above the resistance levels 1.3970 (Fibonacci level 38.2% of the correction to the decline of the GBP/USD pair in the wave that began in July 2014 near the level 1.7200), 1.3998 will indicate the renewal of the GBP/USD bullish trend.

In an alternative scenario and after the breakdown of the support levels 1.3800, 1.3670 GBP/USD may fall to the support levels 1.3320, 1.3210. Their breakdown will increase the risks of a resumption of the global bearish trend in GBP/USD and may provoke a deeper decline towards the support levels 1.2250, 1.2085, 1.2000 (Fibonacci level 0%).

Trading recommendations

Sell Stop 1.3790. Stop-Loss 1.3880. Take-Profit 1.3700, 1.3670, 1.3320, 1.3210.

Buy Stop 1.3880. Stop-Loss 1.3970. Take-Profit .3913, 1.3970, 1.3998, 1.4100, 1.4200, 1.4240, 1.4300, 1.4350, 1.4440, 1.4580, 1.4830.

Author

Yuri Papshev

Independent Analyst

Independent trader and analyst at Forex market. Trade experience - more than 10 years. In trade Yuri Papshev uses a combination of fundamental and technical analysis.

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