GBP/USD support resistance for 17-02 – 21-02 / 2014
Uptrend will continue.
Estimated pivot point is at the level of 1.6570 My view: Buy the pair after correction above the level of 1.6650 with the target of 1.6880.
First support the pair will face at 1.6613.
Second support at 1.6570. Breakout of the level 1.6570 will enable the pair to decline in correction throughout the ascending momentum.
On the upside resistance should be met at 1.6759 which we believe is a critical point for this weeks action.
Next major resistance will be at 1.6880
Forex analysis by forex trader
Trading Forex/CFD & Options on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade any such leveraged products you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading on margin, and seek advice from an independent financial advisor if you have any doubts. All accounts are margin leveraged accounts. Clients must maintain an adequate amount of margin to sustain their positions, if equity levels drops to 10% of used margin, a margin call will occur. It is the investor’s responsibility to maintain a sufficient level of margin