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GBP/USD weekly technical levels for July 29 – August 2, 2013

July 29, 2013 9:21 am
Weekly pivot point:

 

 
Trading recommendations: 
According to the previous events, the price of the GBP/USD pair is still between the levels of 1.5403 and 1.5370. 
  • The descending movement will probably be lower than the 1.5460 level with the first targets at 1.5360 and 1.5293. 
  • Buy deals are recommended above the 1.5280 level with targets at 1.5360 in order to form double top at this level, and it will resume towards 1.5455. 
Tools of chart: 
  • It should be noted that the market was so stable and trend was also so clear (upward). 
  • Range was: 108 pips (upward). 
  • The value of 50% Fibonacci retracement levels is: (High + Low) / 2 = 1.5346. (The key level to confirm a bullish market). 
  • Volatility is 276.23 thus the market has called for a high volatile. 

The material has been provided by InstaForex Company – www.instaforex.com

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