FX.co ★ Weekly technical levels for GBP/USD for April 20-24, 2015

The weekly technical levels for GBP/USD pair:

Trading recommendations:

• The market will turn to bullish sentiment from the level of 1.4860. Moreover, the weekly pivot point of the GBP/USD pair is set at the level of 1.4860. Therefore, it will be a good sign to buy above the weekly pivot point with the first target at 1.4995 in the short term. It will call for an uptrend in order to continue its bullish movement towards 1.5053 to form a double top in the H1 chart. The stop loss should never exceed your maximum exposure amounts, consequently the stop loss should be placed below the weekly pivot point at 1.4806. The market was in uptrend. Moreover, the trend was so clear because the price moved lower to 1.4680; but the price of GBP/USD pair has been rebounding higher towards the level of 1.4860.

Observations:

• The market was in uptrend. Moreover, the trend was so clear because the price moved lower to 1.4680; but the price of GBP/USD pair has been rebounding higher towards the level of 1.4860.
• The double top is set at 1.5053.
• We expect a range of 280 pips this week. The previous range was 488 pips.
• The level of .4850 is the key level to confirm the bullish market.