The GBP/USD pair broke resistance which turned to strong support at the level of 1.3193 yesterday.
The level of 1.3193 coincides with 00% of Fibonacci (double bottom), which is expected to act as major support today. Since the trend is above the 00% Fibonacci level, it means the market is still in a uptrend.
From this point, the GBP/USD pair is continuing in a bullish trend from the new support of 1.3193.
This is shown to us as the current price is in a bullish channel. According to the previous events, we expect that the GBP/USD pair will move between 1.3193 and 1.3388 in coming days.
On the H1 chart, resistances are seen at the levels of 1.3314 and 1.3388.
Also, it should ne noticed that, the level of 1.3314 is representing the daily pivot point.
Therefore, strong support will be formed at the level of 1.3268 providing a clear signal for buy deals with the targets seen at 1.3268.
If the trend breaks the support at 1.1314 (first resistance). Thereupon, it is possible that the pair will move upwards continuing the development of the bullish trend to the level 1.3388 in order to test the daily resistance 2.
However, stop-loss is to be placed below the price of 1.3193.
Important levels :
- R3 : 1.3439
- R2 : 1.3388
- R1 : 1.3351
- Pivot : 1.3314
- S1 : 1.3193
- S2 : 1.3150
- S3 : 1.3104
