Overview:
- According to the previous events, the GBP/USD pair is still moving between 1.557 and 1.5660. Additionally, the minor support is going to set at the level of 1.5557. Moreover, the level of 1.5522 is representing the weekly pivot point. The resistance will be set at the price of 1.5689 and the double top is set at the same price too. Therefore, sell at the price of 1.5689 with the first target at 1.5640, then it will be gone towards 1.5566 in order to test the weekly support 1. On the other hand, if the trend fails to close below the weekly support 1 (1.5566 ), buy above 1.5566 with target at the price of 1.5732 this week.
Technical Levels:
- Projected high: 1.5732.
- Strong resistance (sell limit): 1.5689.
- Current pivot: 1.5598.
- Strong support (buy limit): 1.5566.
- Projected low: 1.5520.
Observations:
- If the trend is of an upside character, then the strength of the currency will be defined as following: GBP is in an uptrend and USD is in a downtrend.
- Please check out the market volatility before investing because the sight price may have already been reached and scenarios might have become invalidated.
- Stop Loss should never exceed your maximum exposure amounts.
- As a rule, the market is highly volatile if the last day had a huge volatility.
