09.07.201513:32 Forex Analysis & Reviews: Technical analysis of GBP/USD for July 9, 2015

Long-term review

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Forecast:

The GBP/USD pair will call for downside momentum rather convincing. The structure of a rise does not look corrective. If case of indicating a bearish opportunity below the level of 1.5491, it will be a good sign to sell at 1.5490 with the first target at 1.5437 (the daily pivot point). The pair is likely to continue its bearish move towards 1.5330.

Review:

According to the previous events, the GBP/USD pair is going to move between 1.5491 and 1.5330.
The resistance will be set at the level of 1.5490 and the support has already been placed at 1.5330.
We expect a new range about 325 pips this week.
The key level is seen at 1.5437 because it represents a weekly pivot point on July 9 ,2015.
The level of 1.5566 is going to represent the double top.
By the way, the GBP/USD pair is still calling for strong bearish market from the level 1.5491/1.5500.

Technical levels:

It should be noted that if there is no significant news to influence, the price will be moving from pivot point to resistance 1 or support 1. But if there is significant news to influence, the price may go straight through resistance 1 or support 1 and reach resistance 2 or support 2 and even resistance 3 or support 3.
Resistance 3: 1.5640
Resistance 2: 1.5566
Resistance 1: 1.5491
Pivot: 1.5437
Support 1: 1.5330
Support 2: 1.5290
Support 3: 1.5249

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