FX.co ★ Weekly technical levels of GBP/USD for January 20 - 24, 2014

• The weekly technical levels of the GBP/USD pair.

Overview:

• The GBP/USD pair broke a major resistance at the level 1.6318 last week, and today the price have opened around the new weekly pivot point at the 1.6410 level. Moreover, it should be noted that the weekly pivot point is calculated at 1.3112. Therefore, a movement will probably start at this area and recovery will begin again. Thus, the market will indicate a bullish opportunity above the weekly pivot point, for that, it will be a good sign to buy at this spot with the first target at 1.6507 in order to form a double top and continue towards 1.6561 tomorrow. But, please, check out the market volatility before investing, because the sight price may have already been reached and scenarios become invalidate. On the other hand, if a break of 1.6350 occurs, then it will be a good location for placing stop loss at the price of 1.6330 as well as we should remind that the stop loss should never exceed your maximum exposure amounts.