FX.co ★ Weekly technical levels for GBP/USD for March 2-6, 2015

Trading recommendations:

• According to the previous events, the major support of the GBP/USD pair is going to be set at the level of 1.5328. Moreover, the price hit the weekly pivot point and the resistance 1 last week. Furthermore, the level of 1.5440 is representing the weekly pivot point. Hence, we expect a new range of 108 pips today. Therefore, the price of the GBP/USD pair is going to move between 1.5335 and 1.5440. As a result, sell below the level of 1.5440 in the short term with the first target at 1.5384, if the trend can break the minor support at 1.5384, then it might resume to 1.5352 in order to test the double bottom on the H1 chart.

Observations:

On March 2, 2015:

• Major support will be set at the level of 1.5328.
• Major resistance will be set at the level of 1.5440.
• We expect a new range up to 275 pips this week.
• If the trend is upward, then the strength of the currency will be defined as follows: GBP is in an uptrend and USD is in a downtrend.
• Stop loss should never exceed your maximum exposure amounts.
• As a rule, the market is highly volatile if the last day had huge volatility.