Overview:
- After the previous events, the resistance of the GBP/USD pair has already set at the level of 1.6900. Furthermore, the weekly support 1 sets at the level of 1.6710. But the price is moving around the level of 1.6805 which represents the pivot point. Also, it should be noted that resistance has broken and turned to support. Equally important, we expect a range between 1.6890 and 1.6750. Accordingly, the price of the GBP/USD pair is going to move strongly between 1.6890 and 1.6750 because we expect a high volatility in the coming session. Thus, it is reasonable to be careful with action around this area. Equally important, it should be noted that the range today will be about 60 pips. So, the trend in H1 chart is going to call for a bearish market at the level of 1.69. Thereupon, it looks for further downside move below 1.69 with targets at 1.6820 and 1.6745 today. On the other hand, buy above the price of 1.6715 with the first target at 1.6750. It might resume to 1.6833 in order to test the minor resistance.
