The weekly technical levels for GBP/USD pair:
Forecast :
- According to the previous events, the price of the GBP/USD pair has been still trading between the levels of 1.6768 and 1.6697.
- The level of 1.4670 is representing the double top and the weekly support one has set at the same price.
- Therefore, buy above 1.4670 in the long term with the first target of 1.4963.
- Moreover, if the trend can break the resistance at 1.4963, the pair might resume towards the level of 1.5051.
Notes :
It should always be noted that:
- If the trend is upward, the strength of the currency will be defined as follows: GBP is in an uptrend and USD is in a downtrend.
- The stop loss should never exceed your maximum exposure amounts.
- The market is highly volatile if the last day had huge volatility.
General overview about the pivot points :
- R3 and S3 are considered to be clear indicators of the maximum range of extreme volatility, though it is possible to pass them through.
- Pivot lines work well on sideways markets as the prices are most likely to be located between the R1 and S1 lines.
- Within a strong trend the price is expected to be lower than the pivot point line and continue the movement.
- If news released affects the market, the price is likely to go straight through R1 or S1 and even reach R2 and R3 or S2 and S3.
The material has been provided by InstaForex Company - www.instaforex.com
