The weekly pivot point sets at the price of 1.6815.
Overview:
- The first key level will set at the level of 1.6900 and the second key level will set at the 1.6985 level today. Also, it might notice that the both levels are representing the weekly resistance 1 and resistance 2 respectively. Equally important, the price of the GBP/USD pair has still been moving between 1.6900 and 1.6950. Additionally, it should be noted that the range will be about 80 pips today. Moreover, the trend is very clear and indicating uptrend. Accordingly, we expect that the trend is going to call for the bullish market at the level of 1.6855. As a result, buy at the price of 1.6855 with the first target of 1.6905, it might resume to 1.6986 in order to test the weekly resistance 2. On the other hand, your stop loss should be placed below the weekly pivot point which sets at the 1.6815 level, thus it will helpful to set it at the price of 1.6780 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 Technical analysis of GBP/USD for May 21, 2014 . Thanks for your support on Technical analysis of GBP/USD for May 21, 2014
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