Weekly Pivot Point: 1.5801.
Weekly Pivot Point:
R3: 1.6158
R2: 1.6036
R1: 1.5923
PP: 1.5801
S1: 1.5688
S2: 1.5566
S3: 1.5453
GBP/USD "Pound-Dollar":
• Resistance: 1.5910 (sell below this level).
• Support: 1.5700 (buy above this level).
Trading Recommendations:
According to the previous events, the price is still between the levels of 1.5750 and 1.5825.
- The descending movement will probably be lower than 1.5910 level with the first target at 1.5855 and 1.5801 levels.
- Buy deals are recommended above the 1.5700 level with targets at 1.5777 and 1.5861 levels.
Overview:
It should be noticed that the market showed the signs of instability. The trend movement was controversial as it took place in a narrow sideways channel. Due to the previous events, the price is still between the levels of 1.5750 and 1.5825, so it is recommended to be careful while making deals in this area. Therefore, it is necessary to wait till the sideways channel is passed through. Then the market will probably show the signs of a bullish trend. In other words, buy deals are recommended above 1.5700 level with their first target at the level of 1.5777. From this point, the pair is likely to begin an ascending movement to the point of 1.5815 and further to the level of 1.5860. However, if the pair fails to pass through the level of 1.5910, the market will indicate a bearish opportunity below the strong resistance level of 1.5910. In this regard, sell deals are recommended lower than the 1.5910 level with the first target at 1.5855. It is possible that the pair will turn downwards continuing the development of the bearish trend to the level 1.5801 (The weekly pivot point).
If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com.
