Trading recommendations:
- According to the previous events, the price of GBP/USD pair is still trading between the levels of 1.5596 and 1.5510.
- The descending movement will probably be lower than the 1.5596 (61.8% of Fibonacci retracement levels) level with the first targets at 1.5506 and 1.5473 (the weekly support 1). However, the stop loss should be set above the resistance 1.56620.
The weekly technical levels of GBP/USD pair.
The movement of pivot point among resistances and supports.
- If the price is at a 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 a 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.
