Weekly technical levels of the GBP/USD pair.
Review :
- The key level will set at the level of 1.6725. Also, it should be noted that the level of 1.6725 represents the weekly pivot point.
- The support of the GBP/USD pair has already set at 1.6622.
- Moreover, the weekly support 1 will set at the same level. If the trend fails to close below the level of 1.6622, it will be a good opportunity to buy above 1.6650 with the first target at 1.6722, then it will be continued straight towards 1.6793 in the coming days.
- The price of 1.6793 represents the weekly resistance 1 and 1.6828 is going to form a double top in H1 chart.
- So, we expect a new range about 160 - 180 pips this week.
Observations :
- If the trend is upward, then the strength of the currency will be defined as follows: GBP 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.
- It should be noted that 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.
The material has been provided by InstaForex Company - www.instaforex.com
