Overview:
The GBP/USD pair was trading around the area of 1.3100 a day ago. Today, the level of 1.3052 represents a weekly pivot point in the H1 time frame. The pair has already formed minor resistance at 1.3131 and the strong resistance is seen at the level of 1.3174 because it represents the weekly resistance 2. So, major resistance is seen at 1.3174, while immediate support is found at 1.3023. If the pair closes below the weekly pivot point of 1.3052, the GBP/USD pair may resume it movement to 1.3023 to test the weekly support 1. From this point, we expect the GBP/USD pair to move between the levels of 1.3023 and 1.3174. Equally important, the RSI is still calling for a strong bullish market as well as the current price is also above the moving average 100. As a result, buy above the weekly pivot point of 1.3052 with targets at 1.3131 and 1.3174 in order to form a double top. Nevertheless, stop loss should always be taken into account, accordingly, it will be of beneficial to set the stop loss below the last bearish wave at the level of 1.3003.
