The weekly technical levels of GBP/USD pair.
Tools of the chart :
- The market was in downtrend. Moreover, the trend was so clear because the price moved higher to 1.6089; but the price of GBP/USD pair has been rebounding lower towards the level of 1.5994.
- The double bottom is set at the price of 1.5994.
- We expect a range of 210 pips this week. The last range was 189 pips.
- The level of 1.6111 is the key level to confirm the bullish market.
Review :
The movement of pivot point among resistances and supports.
- Resistance 3: 1.6372
- Resistance 2: 1.6278
- Resistance 1: 1.6183
- Pivot Point: 1.6089
- Support 1: 1.5994
- Support 2: 1.5900
- Support 3: 1.5805
Notes :
- If the price is at pivot point, watch for a move back to resistance 1 or support 1.
- If the price is at resistance 1, expect a move to resistance 2 or back towards the pivot point.
- If the price is at support 1, expect a move to support 2 or back towards resistance 1.
- If the price is at support 2, expect a move to support 3 or back towards support 1.
- If the price is at resistance 2, expect a move to resistance 3 or back towards resistance 1.
Observations :
- It should be noted that if there is no significant news to influence, the market price will be moving from the pivot point to resistance 1 or support 1. But if there is significant news to influence, the market price may go straight through resistance 1 or support 1 and reach resistance 2 or support 2 and even resistance 3 or support 3.
The material has been provided by InstaForex Company - www.instaforex.com
