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

Overview:

• As it is known, the sellers are asking for a higher price. And the supply zone has set between the levels of 1.6070 and 1.6187. The minor support is going to set at 1.6031. And this level is going to represent the weekly pivot point. So, the major support had already set at the price of 1.6031. Moreover, the double bottom also coincides with the major support. Thus, the support will be formed at the level of 1.6031 providing a clear signal for buy deals with the target seen at the 1.6135 level in order to break the double top. If the trend breaks the double top (1.6135), it will continue towards the weekly resistance 1 at the price of 1.6187 However, the stop loss should never exceed your maximum exposure amounts. So, it is to be placed below 1.6005.

The weekly technical levels of GBP/USD pair.

Review:

• The double top of the GBP/USD pair will set at the level of 1.6125.
• The support is going to set at 1.6031. And this level is going to represent the weekly pivot point for October 20-24, 2014.
• Moreover, the double bottom also coincides with the major support in H1 chart.
• The price hit the weekly pivot point and the support 1 last week, because of the series of relatively equal highs and equal lows.
• We expect a range of 293 pips this week.
• It should be noted that the weekly range was large between 251 pips and 335 pips in the last three weeks.