Weekly Pivot Point: 1.5956.
Weekly Pivot Points:
R3: 1.6295
R2: 1.6164
R1: 1.6087
PP: 1.5956
S1: 1.5879
S2: 1.5748
S3: 1.5671
GBP/USD "Pound-Dollar":
• Resistance: 1.6163 (sell below this level).
• Support: 1.5956 (buy above this level).
Trading Recommendations:
According to the previous events, the price is still between the levels of 1.5956 and 1.6095.
- The descending movement will probably be lower than 1.6163 level with the first target at 1.6040 and 1.5960 levels.
- Buy deals are recommended above the 1.5956 level with targets at 1.5990 and 1.6160 levels.
Overview:
It should be noticed that the market showed the signs of instability. The trend movement was controversial as it took place in the narrow sideways channel. Due to the previous events, the price is still between the levels of 1.5956 and 1.6095, 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 1.5956 level with their first target at the level of 1.5990. From this point, the pair is likely to begin an ascending movement to the point of 1.6083 and further to the level of 1.6160. However, if the pair fails to pass through the level of 1.6163, the market will indicate a bearish opportunity below the strong resistance level of 1.6163. In this regard, sell deals are recommended lower than the 1.6163 level with the first target at 1.6040. It is possible that the pair will turn downwards continuing the development of the bearish trend to the level 1.5990 then 1.5956 (the weekly pivot point).
If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com.
