Overview:
- The market of GBP/USD pair was not stable and the trend was not clear. Consequently, the market will probably start showing the signs of tight sideway range on July 16, 2014. Thus, the GBP/USD pair will be restricted by the levels of 1.7160 and 1.7085. So, it would be wise to pay attention to this area. Moreover, it should be noted that the double bottom is going to set at the price of 1.7085. Additionally, resistance stood at 1.7160. Thus, we predict a tiny range about 60 pips today. Therefore, try to buy at a lower price around the weekly support at the price of 1.7080 with the first target of 1.7120 (the price of 1.7119 is representing the weekly pivot point). It will climb towards 1.7154 (the weekly resistance one).
Notes:
- Expect a range of 60 pips.
- Strong support level will be formed at the price of 1.7080 today.
- The value of 50% Fibonacci retracement levels has set at the 1.7126 level. Moreover, it is the key level to confirm the bullish market.
