GBP/USD: Weekly Technical Levels for September 24 - 28, 2012
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Weekly Technical Levels:
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Tip (s): • R3 and S3 are regarded as clear indicators of the maximum range of extreme volatility, though it is possible to pass them through.
• Pivot lines work well on the sideways markets as the prices are most likely to be located between the R1 and S1 lines.
• Within a strong trend, the price is expected to be lower than the pivot point line and will continue the movement.
• In case of the breaking news release which may affect the market, the price is likely to go straight through R1 or S1 and even reach R2 & R3 or S2 & S3.
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Observation (s): If the trend is of an upside character, then the strength of the currency will be defined as following: GBP is an uptrend and USD is a downtrend. Fibonacci retracement is used to determine an accurate psychology level of support and resistance, and playing according to in this kind of period. Fibonacci is in range trader: it is looks like the trend is trapping and going up or down, if you sell or buy for a long term in this period, you'll go sure for losing your profit. Stop Loss should NEVER exceed your maximum exposure amounts. Usually the market has a high volatile, if the last day had a huge volatility. If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com.