The GBP/USD pair dropped sharply from the level of 1.3481 towards 1.3267.
Now, the price is set at 1.3300. Pivot point sets at the point of 1.3267.
On the H1 chart, the resistance is seen at the levels of 1.3387 and 1.3481. Volatility is very high for that the GBP/USD pair is still expected to be moving between 1.3387 and 1.3216 in coming hours.
In the short term, we expect the GBP/USD pair to continue to trade in a bullish trend from the new support level of 1.3267 to form a bullish channel.
Also, it should be noted that major resistance is seen at 1.3387, while immediate resistance is found at 1.3481. According to the previous events, the pair is likely to move from 1.3267 towards 1.3387 and 1.3481 as targets again.
However, if the pair fails to pass through the level of 1.3481, the market will indicate a bearish opportunity below the level of 1.3481. So, the market will decline further to 1.3216 in order to return to the daily support (1).
Moreover, a breakout of that target will move the pair further downwards to 1.3053 in coming days.
