FX.co ★ Weekly technical levels of GBP/USD for December 1-5, 2014

The weekly technical levels of GBP/USD pair:

Trading recommendations:

• The price of GBP/USD pair is going to move between the level of 1.5614 and 1.5773. The support is set at the level of 1.5562; and the double bottom had placed at the point of 1.5614. Consequently, the market will indicate a bullish opportunity above 1.5614, because the area of 1.5600-1.5614 is going to act as strong support. Therefore, it will be a good sign to buy above this area today with the first target of 1.5669 in order to test the weekly pivot point in H1 chart. Equally important, if the trend succeeds to close above 1.5694, then the market will go on the uptrend above the weekly pivot point towards the level of 1.5773. However, the stop loss should be placed below the double bottom at the price of 1.5557.