Overview:
GBP/USD: The price is still between the levels of 1.6005 and 1.6080, so it is recommended to be cautious while making deals in this area. Therefore, it is necessary to wait till the sideways channel is passed through. Then, the market will probably indicate the signs of a bullish trend. In other words, BUY-deals are recommended higher than the 1.5925 level with its first target at the level of 1.6020. From this point, the pair is likely to begin the ascending movement to the point of 1.5980 and further to the level of 1.6093 in order to test the weekly pivot point. However, if the pair fails to pass through the level of 1.6114 (1.6104: 38.2% Fibonacci retracement levels), the market will indicate a bearish opportunity below the strong resistance level of 1.6114. Regarding to this, SELL-deals are recommended lower than the 1.6114 level with the first target of 1.1.6075. It is possible that the pair will turn to downward movement, continuing the development of the bearish trend to the level of 1.6007 in order to form a double bottom.
