The weekly technical levels of GBP/USD pair.
- If there is no significant news to influence, the market price will be moving from 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.
- If the trend is upward, then the strength of the currency will be defined as follows: EUR is in an uptrend and USD is in a downtrend.
- Fibonacci retracement is used to determine accurate psychological levels of support and resistance. The period of time should be taken into account.
- Fibonacci is in a range trade; it looks like the trend is trapped and going up or down. If you sell or buy in the long term, you will surely lose your profit.
Observations :
- According to the previous events, the GBP/USD pair is going to move between 1.6766 and 1.6809 today.
- It should be noted that the level of 1.6766 represents the double bottom and the weekly pivot point is placed at the price of 1.6809.
- The resistance will be set at the level of 1.6851 this week.
- The support has already been placed at the price of 1.6730.
- We expect a new range about 125 - 140 pips this week.
- The key level will be set at the level of 1.6850.
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 August 11-15, 2014 . Thanks for your support on Weekly technical levels of GBP/USD for August 11-15, 2014
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