Weekly Technical Levels:
Tip (s):
R3 and S3 are considered as clear indicators of the maximum range for the period of extreme volatility. Nevertheless, it is still possible to break them through.Pivot lines operate well at sideways markets, as prices are most likely to be located between the R1 and S1 lines.
Within a strong trend the price will be located below the pivot point line and will continue its movement.
In case of the breaking news release that may influence the market, the price may go straight through R1 or S1 and even reach R2 & R3 or S2 & S3.
Observation (s):
- If the trend goes upwards, then the strength of the currency will be defined as follows: GBP is an uptrend and USD is a downtrend.
- Most of the traders use the Fibonacci retracement to determine the accurate psychological support and resistance levels.
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