The weekly technical levels of GBP/USD pair.

Tools of the chart:

• The market was in downtrend. Moreover, the trend was so clear because the price moved higher to 1.6089; but the price of GBP/USD pair has been rebounding lower towards the level of 1.5994.
• The double bottom is set at the price of 1.5994.
• We expect a range of 210 pips this week. The last range was 189 pips.
• The level of 1.6111 is the key level to confirm the bullish market.

Review:

The movement of pivot point among resistances and supports.

• Resistance 3: 1.6372
• Resistance 2: 1.6278
• Resistance 1: 1.6183
• Pivot Point: 1.6089
• Support 1: 1.5994
• Support 2: 1.5900
• Support 3: 1.5805

• If the price is at pivot point, watch for a move back to resistance 1 or support 1.
• If the price is at resistance 1, expect a move to resistance 2 or back towards the pivot point.
• If the price is at support 1, expect a move to support 2 or back towards resistance 1.
• If the price is at support 2, expect a move to support 3 or back towards support 1.
• If the price is at resistance 2, expect a move to resistance 3 or back towards resistance 1.

Observations:

• It should be noted that if there is no significant news to influence, the market price will be moving from the pivot point to resistance 1 or support 1. But if there is significant news to influence, the market price may go straight through resistance 1 or support 1 and reach resistance 2 or support 2 and even resistance 3 or support 3.