Overview:
- GPB/USD: According to previous events, the price has still been trapped between 1.6120 and 1.6060; thus, it is reasonable to be careful with action around this area.
- Therefore, the first step is waiting for a period of tight sideway range market before breakouts.
- So, the market will probably start showing the signs of bullish market at the level of 1.6015. In other words, it will be a good sign to buy above 1.6015 with a first target of 1.6050 and it will climb towards 1.6113.
- However, if the the pair cannot break 1.6122, the market will indicate a bearish opportunity below 1.6122 (a double top will be formed at 1.6117), then the level will act really as strong resistance, for that it will a good sign to sell below 1.6122 with the first target of 1.6045 and it will call for downtrend in order to continue bearish towards 1.6012 (50% Fibonacci retracement levels).
Notes:
- Support: 1.6000
- Resistance: 1.6122
