FX.co ★ Weekly technical levels of GBP/USD for April 28, 2014

Weekly technical levels of the GBP/USD pair.

Trading recommendations:

• The support of the GBP/USD pair has set at the price of 1.6800 and this price is coinciding with the weekly pivot point.
• As it is known, buyers bid at a lower price. Therefore, the first key level will set at the level of 1.6800 and the second key level will set at the 1.6833 level today.
• Moreover, it should be noted that the area between 1.68 and 1.6833 is representing strong support in H1 chart.
• Equally important, the price of the GBP/USD pair is still moving between 1.6838 and 1.6810.
• Additionally, it should be noticed that the range was about 80 pips last week, but we expect a large range this week.
• Furthermore, the trend was very clear and indicating uptrend. Accordingly, we expect that the trend is going to call for the bullish market at the level of 1.6800 or 1.6833.
• As a result, buy at the price of 1.6800 with the first target of 1.6640, it might resume to 1.6675 in order to test the weekly resistance 2.
• On the other hand, your stop loss should be placed below the 1.6800 level, hence it will helpful to set it at the price of 1.6750 this week.