FX.co ★ GBP/USD weekly technical levels for August 12 - 16, 2013

Weekly pivot point:

Trading recommendations:

According to the previous events, the price of the GBP/USD pair is still between the levels of 1.5495 and 1.5530.

• The descending movement will probably be lower than the 1.5650 level with the first targets at 1.5430 and 1.5350.
• Buy deals are recommended above the 1.53 level with targets at 1.5375 in order to form double top at this level, and it will resume towards 1.5426 in order to test the weekly pivot point.

Tools of chart:

• It should be noted that the market was so stable and trend was also so clear (upward).
• Range will be around: 85 pips (upward).
• The value of 50% Fibonacci retracement levels is: (High + Low) / 2 = 1.5389. (The key level to confirm a bullish market).
• Volatility is 572.47thus the market has called for a high volatile.