Forecast:
- The GBP/USD pair will call for downside momentum rather convincing. The structure of a rise does not look corrective. If case of indicating a bearish opportunity below the level of 1.5491, it will be a good sign to sell at 1.5490 with the first target at 1.5437 (the daily pivot point). The pair is likely to continue its bearish move towards 1.5330.
Review:
- According to the previous events, the GBP/USD pair is going to move between 1.5491 and 1.5330.
- The resistance will be set at the level of 1.5490 and the support has already been placed at 1.5330.
- We expect a new range about 325 pips this week.
- The key level is seen at 1.5437 because it represents a weekly pivot point on July 9 ,2015.
- The level of 1.5566 is going to represent the double top.
- By the way, the GBP/USD pair is still calling for strong bearish market from the level 1.5491/1.5500.
Technical levels:
- It should be noted that if there is no significant news to influence, the price will be moving from pivot point to resistance 1 or support 1. But if there is significant news to influence, the price may go straight through resistance 1 or support 1 and reach resistance 2 or support 2 and even resistance 3 or support 3.
- Resistance 3: 1.5640
- Resistance 2: 1.5566
- Resistance 1: 1.5491
- Pivot: 1.5437
- Support 1: 1.5330
- Support 2: 1.5290
- Support 3: 1.5249
