The weekly technical analysis of GBP/USD pair:
Short overview:
- The support of the GBP/USD pair has already set at 1.5164, but the minor support is found at the level of 1.5207. Furthermore, it will be very profitable to buy above this level amid retesting of the weekly pivot point and the short-term weekly support 1, because the market is going to call for a uptrend from the level of 1.5207. Therefore, buy orders are recommended above 1.5207 with targets at 1.5256 (the level of 1.5256 represents the intraday pivot point) and 1.5349 in order to reach the weekly support 1. On the contrary, the support is going to set at the level of 1.5143 today. The price hit the weekly pivot point this week and the first support last week. It is signing for strong bullish market this week.
Observations:
- The market is going to call for a uptrend from the spot of 1.5146/1.5207.
- The minor resistance is seen at 1.5301.
- The major resistance has already set at the level of 1.5349. Moreover, the double top will set at the same level.
- The price hit the weekly pivot point this week and the first support last week. It is signing for strong bullish market this week.
- We expect a range about 96 pips today.
