The weekly pivot point will set at the price of 1.6697

Overview:

• The GBP/USD pair probably will form strong support at the level of 1.6625 (above 23.6% of Fibonacci retracement levels. Moreover, it will also form sturdy resistance at the 1.6730 level in the H1 chart. So, the range of the GBP/USD pair will be about 103 pips today. Equally important, the price is going to form tripple bottom at 1.6625 (the last bearish wave for the last week). Furthermore, the saturation is likely to take place around this spot, since this level also formed the strong support on February 24, 2014. Consequently, it is possible that the market will start showing bullish signs. Buy deals are recommended above 1.6625 with the first target seen at the level of 1.6697 (this level is representing the weekly pivot point for March 4-7, 2014). Additionally, the price is going to continue towards 1.6728 after breaking the weekly pivot point. Thereupon, it also should be noted that the level of 1.6730 will represent strong resistance today at the price of 1.6728 (78.6% of Fibonacci retracement levels).