Weekly technical levels of GBP/USD for March 24-28, 2014

Weekly technical levels of the GBP/USD pair.

Trading recommendations:

• As it is known, sellers are asking for a high price as well as buyers are bidding at a lower price. Therefore, the first key level will set at the level of 1.6610 and the second key level will set at the 1.6420 level for March 24-28, 2014. Moreover, it should be noted that the level of 1.6610 is representing the resistance and the 1.6420 level is going to act as the support in H1 chart. Equally important, the price of the GBP/USD pair has still been moving between 1.6460 and 1.6542. Additionally, it should be noted that the range was about 190 pips last week. Furthermore, the trend was very clear and indicating downtrend. Accordingly, we expect that the trend is going to call for the bearish market at the level of 1.6610 or 1.6542 (the weekly pivot point). As a result, sell at the price of 1.6542 with the first target of 1.6475, it might resume to 1.6420 in order to test the weekly support 1. On the other hand, your stop loss should be placed above the 1.6610 level, hence it will helpful to set it at the price of 1.6680 this week.

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