FX.co ★ Weekly technical levels for GBP/USD for March 24-27, 2015

The weekly technical levels for GBP/USD pair:

Forecast:

• According to the previous events, the price of the GBP/USD pair has been still trading between the levels of 1.6768 and 1.6697.
• The level of 1.4670 is representing the double top and the weekly support one has set at the same price.
• Therefore, buy above 1.4670 in the long term with the first target of 1.4963.
• Moreover, if the trend can break the resistance at 1.4963, the pair might resume towards the level of 1.5051.

Notes:

It should always be noted that:

• If the trend is upward, the strength of the currency will be defined as follows: GBP is in an uptrend and USD is in a downtrend.
• The stop loss should never exceed your maximum exposure amounts.
• The market is highly volatile if the last day had huge volatility.

General overview about the pivot points:

• R3 and S3 are considered to be clear indicators of the maximum range of extreme volatility, though it is possible to pass them through.
• Pivot lines work well on sideways markets as the prices are most likely to be located between the R1 and S1 lines.
• Within a strong trend the price is expected to be lower than the pivot point line and continue the movement.
• If news released affects the market, the price is likely to go straight through R1 or S1 and even reach R2 and R3 or S2 and S3.