FX.co ★ Weekly technical levels of GBP/USD for January 6 - 10, 2014

• The weekly pivot point:

The movement of pivot point between resistances and supports:

• If price is at pivot point, watch for a move back to resistance 1 or support 1.
• If price is at resistance 1, expect for a move to resistance 2 or back towards pivot point.
• If price is at support 1, expect for a move to support 2 or back towards resistance 1.
• If price is at support 2, expect for a move to support 3 or back towards support 1.
• If price is at resistance 2, expect for a move to resistance 3 or back towards resistance 1.

Probabilities and pivot point:

• Trading with pivot point is based on probabilities.
• The market opened below the new weekly pivot point today.
• Last week the price only hit the past weekly pivot point and has not reached the resistance 1 by 8 pips.
• Range was 198 pips. So, new range forecast will be around 225 pips this week.
• Trend was sideways.