Weekly technical levels:
Trading recommendations:
GBP/USD: According to previous events, the price has still been trapped between 1.5675 and 1.5633.
- Buy above 1.5560 with the first target of 1.5663, it might resume to 1.5710.
- Below 1.5715 look for further downside with 1.5680 and 1.5567 targets (it should be noted that the weekly pivot point is set at the level of 1.5567).
General idea about the pivot point:
R3 and S3 are considered to be clear indicators of the maximum range of extreme volatility, though it is possible to pass them through. Pivot lines work well on the sideways markets, as the prices are most likely to be located between the R1 and S1 lines. Within a strong trend the price is expected to be lower than the pivot point line and continue the movement. If the breaking news released may affect the market, the price is likely to go straight through R1 or S1 and even reach R2 and R3 or S2 and S3.
Intraday technical levels:
Date & Time: 20/08/2013 13:31
Pair: GBP/USD
Projected High: 1.5975
Breakout (Buy Stop): 1.5920
Strong Resistance (Sell Limit): 1.5890
Current Pivot:1,5538
Strong Support (Buy Limit): 1.5185
Breakout (Sell Stop): 1.5160
Projected Low: 1.5110
