FX.co ★ Technical analysis of GBP/USD for April 23, 2014

Trading recommendations: 

• According to the previous events, the price of GBP/USD pair is going to move between the level of 1.6773 and 1.6840. 
• Hence, the range of the GBP/USD pair will be around 65 pips today. 
• The resistance has set at the level of 1.6866 this week. 
• Equally important, the support has set at 1.6765 and it should be noted that the same level is representing the weekly pivot point.
• Consequently the market will indicate a bearish opportunity below 1.6866, because the level of 1.6866 is going to act as strong resistance. 
• Therefore, it will be a good sign to sell below this level today with the first target of 1.6765 in order to try to break the weekly pivot point in H1 chart. 
• Furthermore, if the trend manages to close below weekly pivot point, then the market will be continuing in downtrend below the weekly pivot point towards the level of 1.6725.