Weekly technical levels of the GBP/USD pair.
Trading recommendations :
- The support of the GBP/USD pair has set at the price of 1.6800 and this price is coinciding with the weekly pivot point.
- As it is known, buyers bid at a lower price. Therefore, the first key level will set at the level of 1.6800 and the second key level will set at the 1.6833 level today.
- Moreover, it should be noted that the area between 1.68 and 1.6833 is representing strong support in H1 chart.
- Equally important, the price of the GBP/USD pair is still moving between 1.6838 and 1.6810.
- Additionally, it should be noticed that the range was about 80 pips last week, but we expect a large range this week.
- Furthermore, the trend was very clear and indicating uptrend. Accordingly, we expect that the trend is going to call for the bullish market at the level of 1.6800 or 1.6833.
- As a result, buy at the price of 1.6800 with the first target of 1.6640, it might resume to 1.6675 in order to test the weekly resistance 2.
- On the other hand, your stop loss should be placed below the 1.6800 level, hence it will helpful to set it at the price of 1.6750 this week.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Weekly technical levels of GBP/USD for April 28, 2014 . Thanks for your support on Weekly technical levels of GBP/USD for April 28, 2014
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