Overview:
- The price of the GBP/USD pair is going to turn to a bullish sentiment from the level of 1.6089; because if the trend is of an upside character, then the strength of the currency will be defined as following: GBP is in uptrend and USD is in downtrend. Additionally, the price of 1.6089 coincides with the weekly pivot point and the ratio of 50% Fibonacci retracement levels in H1 chart. Accordingly, it will be a good sign to buy above the weekly pivot point (1.6089) with the first target of 1.6161 to test a minor resistance at this price. It should be noted that the price of 1.6161 represents the double top. Also, it will call for an uptrend in order to continue its bullish movement towards 1.6183 today. Equally important, the resistance will set at the 1.6183 level. So, it will be very useful to take profit at this area. At the same time, the stop loss should be placed below the double bottom at the price of 1.6080. Furthermore, it should be noted that the range today will be about 72 pips.
Notes:
- The stop loss has set in 48 pips. Consequently, the risk of 72 pips should make a profit of 75 pips.
- Also, it should note that stop loss should never exceed your maximum exposure amounts.
