Weekly technical levels of GBP/USD pair.

Forecast:

• According to the previous events, the price of GBP/USD pair has still been trapped between 1.6787 and 1.6730. The level of 1.6840 is representing strong resistance. Also, it should be noted that the price of 1.6841 is coinciding with the ratio of 78.6% Fibonacci retracement levels. The minor support has set at the level of 1.6740. Hence, we expect a range about 90 pips. Therefore, the market is going to call for uptrend from the level of 1.6740. Thus, buy above the level of 1.6740 in the long term with the first target of 1.6790, it might resume to 1.6840 if the trend will be able to break the weekly pivot point.

Notes:

• Major support will set at 1.6703 on June 2, 2014.
• The level of 1.6769 is representing the weekly pivot point.
• Major resistance has already set at the price of 1.6840.
• It should be noted that the weekly range was not very large for the last four weeks.
• According to our statistics, it found that the range was between 120 pips and 190 pips and the average range was around 160 pips.