Overview:
- The resistance of GBP/USD pair has already set at the level of 1.6039 (minor resistance which represents the weekly pivt point) and the support has set at 1.5903 (the weekly support 1). Therefore, according to the previous events, the price has still been moving between 1.5942 and 1.6039, then it should be noted that the range today will be around 97 pips. Consequently, the trend in the H1 time frame is calling for a bearish market at the level of 1.6039. Hence, below 1.6039 look for further downside move with targets at 1.5942, if it can break the double bottom today (1.5942). So, the price will continue towards 1.5900 today. On the other hand, buy above 1.5890 in the short term of the same day with the first target at 1.5933; it might resume to 1.6040 tomorrow in order to test the pivot point of this week.
Notes:
- We expect a range of 97 pips.
- Risk of 65 pips must make a profit of 97.
- The value of 50% Fibonacci retracement levels is 1.6062.
- Volatility: 231.92, thus the market indicates the higher volatility.
