Long-term review
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Technical levels of the GBP/USD pair.
General idea about the pivot point.
- Resistance 3 and support 3 are considered to be clear indicators of the maximum range of extreme volatility, though it is possible to pass them through. Pivot lines work well in the sideways markets, as the prices are most likely to be located between the resistance 1 and support 1 lines. Within a strong trend, the price is expected to be lower than the pivot point line and continue moving. If the breaking news released may affect the market, the price is likely to go straight through resistance 1 or support 1 and even reach resistance 2 and resistance 3 or support 2 and support 3. If the trend breaks resistance or support through, it is likely to result in a significant price movement, it is also referred to as breakout.
Trading recommendations:
- The GBP/USD pair is still moving between 1.6585 and 1.6690. So, it should be noted that the weekly pivot point will set at the level of 1.6585. Moreover, the weekly point had already formed the strong support at this area. Therefore, buy at the level of 1.6585 with the first target at the 1.6650 price (the level of 1.6650 is representing the double top), then it will call for uptrend in order to continue its bulish movement towards 1.6705 to test the weekly resistance 1. Notwithstanding, the stop loss should be placed at the level of 1.6550. If the trend fails to close below the level of 1.6550, it will a good sign to sell at this level in the short term with targets at 1.6519, then it is going to continue towards the 1.6470 price.
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