Overview:
- The GBP/USD pair movement will be continued directly from the level of 1.6420 in H4 chart. Moreover, this level was confirmed by the bullish market two months ago. Additionally, the price of the GBP/USD pair has been showing an upward trend at the same price which represents the weekly resistance 1 on March 26, 2014. Therefore, the market will indicate the bullish opportunity at the level of 1.6420. Also, it should be noted that the weekly resistance 1 became the support. Accordingly, it will be a good sign to buy at 1.64820 (in the short term) with the first target of 1.6540 and further to 1.6610 in order to form double top in H1 chart.
Notes:
- The weekly pivot point will set at the level of 1.6541.
- The strong resistance had set at 1.6610.
- We expect a range about 80 pips today.
- Furthermore, it also should be noted that this level of taking profit will coincide with the ratio of 61.8% Fibonacci retracement levels, for that it is going to be a good place to take profit. On the other hand, the stop loss should be placed below the double bottom at the price of 1.6403.
