The weekly technical levels of GBP/USD pair:
Forecast :
- According to the previous events, the price of GBP/USD pair has still been trapped between 1.5068 and 1.5255. The level of 1.5306 represents strong resistance. Also, it should be noted that the price of 1.5318 coincides with the ratio of 100% Fibonacci retracement levels. The minor support has set at the level of 1.5102. Hence, we expect a range about 58 pips on January 12. Therefore, the market is going to call for a downtrend from the level of 1.5285. Thus, sell below the level of 1.5285 in the short term with the first target of 1.5143, it might resume to 1.5053 if the trend will be able to break the weekly pivot point at the level of 1.5171. It should be noted that the weekly support 1 will set at 1.5023.
Notes :
- According to our statistics, it was found out that the range was between 240 pips and 285 pips and the average range was around 266 pips.
- Major support will set at 1.5023 on January 12, 2015.
- The level of 1.5170 represents the weekly pivot point.
- Major resistance has already set at the price of 1.5306.
- It should be noted that the weekly range was not very large for the last four weeks.
The material has been provided by InstaForex Company - www.instaforex.com
