GBP/USD: Weekly technical levels for April 1 – 5, 2013

Weekly technical levels:

 

R3 and S3 are good indication of the maximum range for extremely volatile days but can be exceeded occasionally. Pivot (PP) lines work well on sideways markets, as prices most likely range between the R1 and S1 line. In a strong trend, price will be lower than a pivot point line and keep going. If there is significant news to influence on the market, price may go straight through R1 or S1 and reach even R2 and R3 or S2 and S3.

PP: Stands for Pivot Point.

S: Stands for Support.

R: Stands for Resistance.

Close of last week at New York session. 

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