The weekly technical levels of GBP/USD pair.
Tools of the chart:
The market was in downtrend. Moreover, the trend was so clear because the price moved higher to 1.6089; but the price of GBP/USD pair has been rebounding lower towards the level of 1.5994. The double bottom is set at the price of 1.5994. We expect a range of 210 pips this week. The last range was 189 pips. The level of 1.6111 is the key level to confirm the bullish market.Review:
The movement of pivot point among resistances and supports.
Resistance 3: 1.6372 Resistance 2: 1.6278 Resistance 1: 1.6183 Pivot Point: 1.6089 Support 1: 1.5994 Support 2: 1.5900 Support 3: 1.5805 Notes: If the price is at 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 the 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.Observations:
It should be noted that if there is no significant news to influence, the market price will be moving from the 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.