The weekly pivot point: 1.6765.
Overview:
- The price of the GBP/USD pair has opened below the weekly resistance 1 at the level of 1.6866. Additionally, it should be noticed that the double top is going to set at 1.6840; and the market was in uptrend two weeks ago. Therefore, the market will probably indicate a bullish opportunity at the level of 1.6765 in the short term. Also, the weekly pivot point will act as strong support on April 25, 2014 because resistance becomes support after breaking it last week. So, according to the previous events, the price is still moving between the price of 1.6765 and the 1.6810 level. Thenceforward, the area above 1.6765 (above the weekly pivot point) looks for further upside with the first target at the 1.6841 level in order to form the double top and continue towards 1.6866 to test the resistance in H1 chart. Notwithstanding, the stop loss should be placed at the price of 1.6730.
