Weekly Pivot Point: 1.6120.
GBP/USD "Pound Dollar":
Resistance: 1.6285 (sell below this level).
Support: 1.6165 (buy above this level for retesting this level for a short period).
Trading Recommendations:
According to the previous events, the price is still between the levels of 1.6200 and 1.6285.
The descending movement will probably be lower than 1.6285 level with the first targets at 1.6200 and 1.6165 levels.
Buy deals are recommended above the 1.6165 level with targets at 1.6263 and 1.6285 levels.
Overview:
It should be noted that the market showed the signs of instability. The trend movement was controversial as it took place in the narrow sideways channel. Due to the previous events, the price is still between the levels of 1.6200 and 1.6285, so it is recommended to be careful while making deals in this area. Therefore, it is necessary to wait till the sideways channel is passed through. Then the market will probably show the signs of a bullish trend. In other words, buy deals are recommended above 1.6165 level with their first target at the level of 1.6202. From this point, the pair is likely to begin an ascending movement to the point of 1.6263 and further to the level of 1.6285 (it will act as a strong resistance for this week). However, if the pair fails to pass through the level of 1.6290, the market will indicate a bearish opportunity below the strong resistance level of 1.6290. In this regard, sell deals are recommended lower than the 1.6290 level with the first target at 1.6215. It is possible that the pair will turn downwards continuing the development of the bearish trend to the level 1.6170 then 1.6120 (the weekly pivot point). It should be noted that the weekly resistance 2 is at the level of 1.6285. If you have sold below 1.6285 then you have to place a stop loss at 1.6325.
Weekly Pivot Point:
R3: 1.6392
R2: 1.6285
R1: 1.6227
PP: 1.6120
S1: 1.6062
S2: 1.5955
S3: 1.5897
If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com.
