Trading recommendations:
- According to the previous events, the price of GBP/USD pair is going to move between the level of 1.6773 and 1.6840.
- Hence, the range of the GBP/USD pair will be around 65 pips today.
- The resistance has set at the level of 1.6866 this week.
- Equally important, the support has set at 1.6765 and it should be noted that the same level is representing the weekly pivot point.
- Consequently the market will indicate a bearish opportunity below 1.6866, because the level of 1.6866 is going to act as strong resistance.
- Therefore, it will be a good sign to sell below this level today with the first target of 1.6765 in order to try to break the weekly pivot point in H1 chart.
- Furthermore, if the trend manages to close below weekly pivot point, then the market will be continuing in downtrend below the weekly pivot point towards the level of 1.6725.