Pivot Point: 1.5573.

GBP/USD:

• Resistance: 1.5660. (Sell below this level).
  
• Support: 1.5335. (Buy above this level).
  

According to previous events, the price has still been trapped between 1.5520 and 1.5420 so it is of the wisdom to be careful at this range area of 100 pips. Therefore first step is wait for a period of tight sideway range market before breakouts. Then, it will probably that the market is going to start showing the signs of bullish market. In other words, it will be a good sign to buy above the supports with a first target of 80 pips and it'll climb towards the first resistance. However, If the the pair could not break this resistance, hence the market will indicate a bearish opportunity below 1.5660 then the level will be act really as strong resistance, for that it will a good sign to sell below 1.5660 with a first target of 1.55 and it will call for downtrend in order to continue bearish towards 1.5369.

Intraday Technical levels ((30^th of November 2011)):

R3: 1.5864
R2: 1.5760
R1: 1.5677
PP: 1.5573
S1: 1.5490
S2: 1.5386
S3: 1.5303

Definition (s):

Range I – A long-term mean reversion strategy that looks to go against strong divergence from the pair’s average value. It will typically hold trades for an extended period of time and is one of the slower moving trading strategies.

Range II– Like Breakout 2, uses sentiment as a filter for its trades. It will use a simple oscillator range trading strategy but only take the trading signals if SSI is not at extremes. It is fairly short-term in nature and will tend to trade very little during times of strong trending moves. It is likewise one of the most volatility-sensitive trading systems and will tend to do poorly during times of sharp currency moves.

Observation (s):

Please check out the market volatility before investing, because the sight price may have already been reached and scenarios become invalidate.
Stop Loss should NEVER exceed your maximum exposure amounts.