Weekly technical levels of the GBP/USD pair.
Observations:
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. Fibonacci retracement is used to determine accurate psychological levels of support and resistance. The period of time should be taken into account. Fibonacci is in a range trade; it looks like the trend is trapped and going up or down. If you sell or buy in the long term, you will surely lose your profit. It should be noted that if there is no significant news to influence, the market price will be moving from pivot point to resistance 1 or support 1. But if there is significant news to influence, the market price may go straight through resistance 1 or support 1 and reach resistance 2 or support 2 and even resistance 3 or support 3.Notes:
We expect a new range about 180 pips this week. The key level will set at the level of 1.6600. The support of the GBP/USD pair has already set at 1.6590. Moreover, the weekly support 1 will set at the same level. If the trend fails to close below the level of 1.6590, it will be a good opportunity to buy above 1.6600 with the first target at 1.6704, then it will be continued straight towards 1.6819. The price of 1.6704 is representing the weekly pivot point and 1.6819 is going to form a double top.