The weekly technical analysis of the GBP/USD pair:
Trading recommendations:
- According to the previous events, the GBP/USD pair is still moving between the levels of 1.5239 and 1.5034.
- Strong resistance will be formed at 1.5239 providing a clear signal for sell deals with a targets seen at the daily pivot point (1.5100) and 1.5064. On the other hand, stop loss should be placed above the double top at 1.5260.
- Strong level (support) will be formed at 1.5034 providing a clear signal for buy deals with a target seen at 1.5205.
Observations:
- The double top will be set at the level of 1.5239.
- We expect a range of 110 pips today.
- But it should be noted that the risk of 73 pips must make a profit of 110 pips.
- Volatility: 295. Therefore, the market indicates the lower volatility.
- The value of 23.6% Fibonacci retracement levels is 1.5022 (for confirming for the bullish market).
