What is a key level?
Key chart levels are important technical levels at which a financial instrument could face increased buying or selling pressure. Traders look out for key chart levels to place their buy and sell orders around those lines, which accelerates price-moves and increases volatility when the price reaches those levels
Identifying Key Levels
Take any currency pair, for this example, we will look at GBPUSD on the Weekly timeframe.
If we take a look at the first highlighted area we can see this area has been tested several times and has not been broken in over 2 years, so we can expect one of two things to happen.
Price will break this area and retest it as support OR price will get rejected and retest it as resistance before falling to the next highlighted area.
If we look at the other areas we can see that this has happened several times previously as well.