FX.co ★ Weekly technical levels for GBP/USD for January 13-17, 2014

The weekly technical levels of the GBP/USD pair.

В 

Overview:В 

• As it is known, historic rates should be used to determine future prices. According to the previous events of the last week, the GBP/USD pair has still been moving between 1.6405 and 1.6550 for five days. It should be also noticed that the price has closed at the level of 1.6482. Expect a move to resistance 1 or back towards the weekly pivot point. Therefore, buy in the short period at the 1.6464 level with the first target of 1.6516 in order to test the last double top; futhermore, it might resume towards 1.6550. Nevertheless, it must beware because sometimes the market seems that it doesn't follow our forecast. So for getting out spank from the market before losing your profit, it will be very meaningful to set stop loss below the weekly support at 1.6360.