Overview:
- According to the previous events, the price of GBP/USD pair is still below the weekly resistance around the area of 1.6051. On the other hand, the supports is going to set at the levels of 1.5912 and 1.5874. ALso, it should be noted that the double bottom will set at the 1.5874 level. Subsequently, the descending movement will probably be lower than the 1.6051 level with the first targets at 1.5960 and it is going to continue towards 1.5912 in order to test the weekly support 1. Moreover, it will call for downtrend to continue its bearish movement towards the double bottom at 1.5874. However, the stop loss should always be in the account for that it will be very safe to set your stop loss at the price of 1.6085.
Technical levels of the EUR/USD pair:
- The resistance will set at 1.6050.
- The support and double bottom have already placed at the levels of 1.5912 and 1.5874 respectively.
- In the H1 chart, the trend is still calling for a bearish market.
- We expect a daily range of 120 pips but the weekly range will be about 295 pips.
