Weekly technical levels for the GBP/USD pair.
Trading recommendations:
- The price of the GBP/USD pair has still moved between 1.6040 and 1.5923. The weekly pivot point is set at the price of 1.6039. Also it should noted that the weekly pivot point will act as a major resistance on November 3, 2014. Consequently, we expect that the trend is going to call for a bearish market at the level of 1.6040 in H1 chart. Additionally, it should be noted that the range today will be about 82 pips. Shortly after that, sell at the price of 1.6040 with the first target of 1.5945 in order to form a double bottom, , it might resume to 1.5900 to test the weekly support 1 today. However, the stop loss should never exceed your maximum exposure amounts. Hence, the stop loss should be placed above the weekly pivot point at the 1.6066 level.
Date: November 3, 2014.
The trend movement among resistances and supports.
- If the price is at pivot point, watch for a move back to resistance 1 or support 1.
- If the price is at resistance 1, expect a move to resistance 2 or back towards pivot point.
- If the price is at support 1, expect a move to support 2 or back towards resistance 1.
- If the price is at support 2, expect a move to support 3 or back towards support 1.
- If the price is at resistance 2, expect a move to resistance 3 or back towards resistance 1.
