Overview:
A trend in the GBP/USD pair was argumentative as it was trading in a narrow sideways channel, the market showed signs of instability.
Amid the previous events, the price is still moving between the levels of 1.3089 and 1.3281.
Resistance and support are seen at the levels of 1.3281 and 1.3089 respectively. Also, the double top is already set at the point of 1.3281.
It is recommended to be cautious while placing orders in this area. So, we need to wait until the sideways channel has completed.
The current price is seen at 1.3117 which represents a key level today.
The level of 1.3281 will act as the first resistance today.
Hence, if the pair fails to pass through the level of 1.3281, the market will indicate a bearish opportunity below the strong resistance level of 1.3281.
Sell deals are recommended below the level of 1.3281 with the first target at 1.3089. If the trend breaks the support level of 1.3089, the pair is likely to move downwards continuing the development of a bearish trend to the level 1.2968.
