Weekly pivot point:
Trading recommendations:
According to the previous events, the price of the GBP/USD pair is still between the levels of 1.5403 and 1.5370.
- The descending movement will probably be lower than the 1.5460 level with the first targets at 1.5360 and 1.5293.
- Buy deals are recommended above the 1.5280 level with targets at 1.5360 in order to form double top at this level, and it will resume towards 1.5455.
Tools of chart:
- It should be noted that the market was so stable and trend was also so clear (upward).
- Range was: 108 pips (upward).
- The value of 50% Fibonacci retracement levels is: (High + Low) / 2 = 1.5346. (The key level to confirm a bullish market).
- Volatility is 276.23 thus the market has called for a high volatile.
