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GBPUSD Weekly Technical Outlook (2-6 March, 2015) | February 28, 2015
Gbpusd has formed bearish divergence on h4 time frame. On MACD, we can see that momentum of this pair has been sloping down. So this is an indication that sellers are taking control of this pair and buyers are exiting from their positions. It also test dynamic resistance zone. On daily chart bearish engulfing candle has been formed. We can expect down rally again on this pair. 1.5330 will be next target for this pair. If it can break this support level, we can expect more downward movement on gbpusd. After breakout we can target 1.5200 area.
Weekly Pivot, Support and Resistance
Resistance Two (R2): 1.5658
Resistance One (R1): 1.5544
Pivot Point: 1.5438
Support One (S1): 1.5324
Support Two (S2): 1.5218
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