FX.co ★ Weekly technical levels for GBP/USD for December 30, 2013

Weekly technical levels:

Trading recommendations: 

• Resistance 1 and support 1 are considered to be clear indicators of the maximum range of extreme volatility today on December 30, 2013, though it is possible to pass them through, it should be noted that the weekly pivot point will set at the level of 1.6457 therefore the pivot lines work well on the sideways markets, as the prices are most likely to be located between the resistance 1 and support 1 lines. Hence, according to the previous events, the GBP/USD pair has still been trapped between 1.6550 and 1.6377. 
• Forecast: 
• Buy above 1.6340 with the first target of 1.6560, it might resume to 1.6580. 
• Below 1.66 look for further downward movement with 1.5560 and 1.6350 targets.