Long-term review
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The weekly technical levels of GBP/USD:
The movement of pivot point between resistance and support levels of the GBP/USD pair.
- If price at pivot point (1,6085), watch for a move back to resistance 1 (1,6217) or support 1 (1,5944).
- If price at resistance 1 (1,6217), expect for a move to resistance 2 (1,6358) or back towards pivot point (1,6085).
- If price at support 1 (1,5944), expect for a move to support 2 (1.5812)or back towards resistance 1 (1,6217).
- If price at support 2 (1.5812), expect for a move to support 3 (1.5671)or back towards support 1 (1,5944).
- If price at resistance 2 (1,6358), expect for a move to resistance 3 (1,6490) or back towards resistance 1 (1,6217).
- It should noted that if there is no significant news to influence, the market price will be moving from pivot point to resistance 1 (1,6217) or support 1 (1,5944). But if there is significant news to influence, the market price may go straight through resistance 1 (1,6217) or support 1 (1,5944) and reaches resistance 2 (1,6358) or support 2 (1.5812) and even resistance 3 (1,6490) or support 3 (1,5671).
Notes:
- Major support will set at the price of 1.5944; and the double bottom had already placed at 1.5953.
- Major resistance is going to set at 1.6217
- We expect a new range about 285 pips this week.
- If the trend is upward, then the strength of the currency will be defined as follows: GBP is in an uptrend and USD is in a downtrend.
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