GBP/USD (currently at: 1.4730) is giving a clear sign of downtrend. Honestly, I can not recommend buying this pair at this level again. The BOE is not that serious about raising the interest rate this month, we will have to wait April, 2015 to see any signs of a change in BOE plan.
Yesterday, after the dovish statement of the American central bank, I can see a higher probability for strong US dollar the next 2 weeks. My technical overview can not see any serious buyers for the GBP/USD at this level without falling to 1.4334 level. I recommend buying this pair around this level and use good enough stop loss because it might fall a little bit harder before going up to test any resistance.
The GBP/USD has the following major resistance and support levels:
- RESISTANCE: 1.5167
- SUPPORT: 1.4334
Breaking these levels in any direction will take us higher or lower.
My Daily BUY/SELL advice (30 pips stop loss applied):
- Sell: at 1.4730 – Take profit 1.4660 (70 pips profits)
- Buy: at 1.4350 – Take profit 1.4400 (50 pips profits)
This review is valid during trading week: 21st-25th March, 2015