The weekly pivot point: 1.6850

Trading recommendations:

• The weekly pivot point of the GBP/USD pair has set at the level of 1.6850. This level is acting as strong resistance and the minor resistance has set at 1.6780 today. Therefore, the first key level will set at the level of 1.6850 and the second key level will set at the 1.6780 level on May 284, 2014. Equally important, the price of the GBP/USD pair has still been moving between 1.6803 and 1.6770. Also, it should be noted that the range was about 65 pips yesterday. Furthermore, the trend was very clear and was indicating in downtrend. Accordingly, we expect that the trend is going to call for a bearish market at the level of 1.6780 in H1 chart (sellers are asking for a high price). As a result, sell at the price of 1.6780 with the target of 1.6731 (the daily support). On the other hand, your stop loss should be placed above the 1.6850, thus it will be helpful to set it at the price of 1.6883.

Notes:

• Resistance sets at 1.6850 and minor resistance sets at 1.6780.
• We expect a range of 75 pips today.
• Volatility: 121.41