FX.co ★ GBP/USD: Weekly technical levels for May 6 -- 10, 2013

Weekly technical levels:

Trading Recommendations:

According to previous events, the price has still been trapped between 1.5574 and 1.5525.

Buy above 1.5500 (23.6% of Fibonacci retracement levels) with a first target of 1.5535, it might resume to 1.5574.

Below 1.5604 (100% of Fibonacci retracement levels) look for further downside with 1.5522 and 1.5460 targets.

Observations:

Please check out the market volatility before investing, because the sight price may have already been reached and scenarios become invalidate.

Use historic prices to determine future prices.

Fibonacci retracement is used to determine accurate psychological levels of support and resistance, act according to this kind of period.