Some might think I am being particular about it but these are not support and resistance levels. These are pivot point levels which might turn out to be s/r levels coincidentally.
Support and resistance levels are where price previously traded and was reversed, preferably with strong (tick) volume.
For instance, GBPUSD bottomed 8/17/07 @ 1.9651 which was 30 pips from the previous bottom on 6/8/07 @ 1.9621
Price was the deciding factor. It did not trade through that area on the chart. Whether a Pivot Point or Moving Average or anyone's other favorite indicator of the moment was there or not didn't matter. Only that this was a previous swing point and it was not taken out. Buyers came in and the market went higher.
Support and resistance levels are where price previously traded and was reversed, preferably with strong (tick) volume.
For instance, GBPUSD bottomed 8/17/07 @ 1.9651 which was 30 pips from the previous bottom on 6/8/07 @ 1.9621
Price was the deciding factor. It did not trade through that area on the chart. Whether a Pivot Point or Moving Average or anyone's other favorite indicator of the moment was there or not didn't matter. Only that this was a previous swing point and it was not taken out. Buyers came in and the market went higher.