Overview:
- The market showed the signs of instability and the trend movement was controversial as it took place in the narrow sideways channel. Due to the previous events, the price of GBP/USD pair is still between the levels of 1.6710 and 1.6775. Thus, it will very profitable to buy at the level of 1.6730 with the first target at the 1.6780 price, then It will call for uptrend in order to continue its bullish movement towards 1.6850 in order to test this strong resistance. But, the stop loss should be placed at the level of 1.6660. Also, it should be noted that the price of 1.6826 is going to coincide with the ratio of 61.8% Fibonacci retracement levels in H4 chart) double bottom in H4 chart. Notwithstanding, if the trend fails to close above the level of 1.6850, it will a good sign to sell at this level in the short term with targets at 1.6810, then it is going to continue towards the 1.6769 price to float around the weekly pivot point of the pair today .
