Overview:
- The trend of GBP/USD pair movement was controversial as it took place in the narrow sideways channel since yesterday. It should be noted that the market showed the signs of instability. Due to the previous events, the price is still between the levels of 1.6123 and 1.5991, so it is recommended to be careful while making deals in this area. Therefore, it is necessary to wait till the sideways channel is passed through. Then the market will probably show the signs of a bearish trend. In other words, sell deals are recommended below 1.6188 level with their first target at the level of 1.6079. From this point, the pair is likely to begin descending movement to the point of 1.6079 and further to the level of 1.5950 (it will act as a strong support today). The level of 1.5951 is going to form a double bottom in H1 chart. However, if the pair succeeded to pass through the level of 1.6188, the market will indicate a bullish opportunity above the strong resistance level of 1.6188. In this regard, buy deals are recommended higher than the 1.6190 level with the first target at 1.6241. It is possible that the pair will turn upwards continuing the development of the bullish trend to the level 1.6263 then 1.6286 (double top).
