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.