The weekly technical analysis of GBP/USD pair:
Overview:
- The first key level will set at 1.5421 and the second key level will set at 1.5279 today. Equally important, GBP/USD pair is still moving between 1.5421 and 1.5279. Additionally, it should be noted that a range about 142 pips is expected within next hours. Moreover, the levels of 1.5421 and 1.5279 are likely to represent weekly resistance 1 and weekly pivot point in the H1 chart. Furthermore, the trend is very clear indicating a sideways market, because it has been moving between these levels for a while. As it is known, sellers are asking for a high price as well as buyers are bidding at a lower price. Therefore, we expect the trend to call for a bearish market at the level of 1.5421 in the same time frame. As a result, sell at the level of 1.5421 with the first target at 1.5325, it might resume to 1.5279 in order to test the weekly pivot point. On the other hand, your stop loss should be placed above 1.5421. Thus, it will be helpfull to set it at the level of 1.5453.
