The weekly technical levels for GBP/USD pair:
Overview:
- The GBP/USD pair has still been moving between resistance and support. These level are set at 1.5248 and 1.5000 respectively. It should be noted that the key price is set at the level of 1.5248 (the weekly pivot point). Equally important, a double top will be formed at the 1.5255 level. As it is known, history will probably repeat itself at this level again. Therefore, it will be a good idea to sell below 1.5255/1.5240 with the first target of 1.5106 in order to test the double bottom. Then, it will call for a downtrend to continue its bearish movement towards 1.5005. At the same time, the stop loss should never exceed your maximum exposure amounts, in consequence the stop loss should be placed above the weekly pivot point at the price of 1.5266.
Observations:
- The weekly pivot point sets at the level of 1.5248 (key level).
- We expect a range of 289 pips at least this week.
- If the trend is buoyant, then the strength of the currency will be defined as following: GBP is in an uptrend and USD is in a downtrend.
- As a rule, the market is highly volatile if the previous day or week had huge volatility (368.71).
