Weekly technical levels:
Intraday technical levels:
- Projected High: 1.6553
- Strong Resistance (Sell Limit): 1.6430
- Current Pivot: 1.6258
- Strong Support (Buy Limit): 1.6132
- Projected Low: 1.6043
Tip(s):
- 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 moving.
- 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.
Observation(s):
- If the trend is of an upside character, then the strength of the currency will be defined as following: GBP is in uptrend and USD is in 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 trapping and going up or down. If you sell or buy for a long term in this period, you will surely lose your profit.
- Stop loss should never exceed your maximum exposure amounts.
- As a rule, the market is highly volatile if the last day had a huge volatility.
