The weekly technical analysis of GBP/USD pair:
Trading recommendations:
- The GBP/USD pair is in the short term.
- The price of GBP/USD is going to keep the bearish sentiment from the level of 1.5753. In addition, the level of 1.5753 represents the weekly resistance 1. Besides, GBP/USD was calling for a sideways trend last week for that it had formed a range between the levels of 1.5722 and 1.5562. Accordingly, it will be a good sign to sell below it at 1.5753 with the first target of 1.5702 to test a double bottom at this area. Then, if the price breaks the double bottom, it will call for a downtrend market in order to continue its bearish movement towards 1.5685 (the weekly pivot point). Equally important, the resistance would be set at the 1.5753 level. Moreover, the range today will be about 1.5740 to 1.5680. Therefore, we expect a medium range up to 60 pips today. However, the stop loss should be placed above the the weekly resistance at the price of 1.5780.
