Trading recommendations:
- According to the previous events, the GBP/USD pair is still trapped between the levels of 1.6030 and 1.6150.
- Strong resistance will be formed at the level of 1.6188 providing a clear signal for sell deals with the targets seen at the weekly pivot point (1.6069) and 1.5991.
- Stop loss is to be placed above 1.6220.
- Strong level (support) will be formed at the level of 1.5975 providing a clear signal for buy deals with the target seen at the 1.6080 level.
- Stop loss is to be placed below the level of 1.5951. This level is representing the double bottom in the H1 chart.
Notes:
- The double top will be set at the level of 1.6188.
- We expect a range of 90 pips today.
- But it should be noted that the risk of 60 pips must make a profit of 81 pips.
- Volatility: 218.48. Therefore, the market indicates the lower volatility.
- The value of 50% Fibonacci retracement levels is 1.6119 (for confirming for the bullish market).
