The weekly technical levels for GBP/USD pair:
Review:
- The GBP/USD pair called for the bearish market from the price of 1.5151 towards the level of 1.4950; but the EUR/USD pair recovered again to start going upwards close to 1.5039 today.
- This week, the levels of 1.5151 and 1.4950 represent the resistance 1 and the double bottom respectively.
- It should be noted that the range of the last week was not so large. It was around 262 pips.
- The support will be set at the level of 1.4889, but the double bottom is going to be set at 1.4950 today.
- The minor resistance has been set at 1.5050 (the weekly pivot point); and the price of 1.5151 represents strong resistance.
- We expect volatility of more than 280 pips this week. As a rule, the market is highly volatile if the last day had a huge volatility.
- 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.
