Overview:
- The market continues showing signs of weakness following the break at 1.4799 (support has become resistance). Therefore, the GBP/USD pair's support has been broken and it was turned into resistance last week. Moreover, the pair has already formed a strong resistance at the level of 1.4799 (the weekly pivot point). So, the market indicates a bearish opportunity at the level of 1.4799 with the first target of 1.4700 and continues towards 1.4665. On the other hand, if the trend fails to break this level and close below 1.4665, then upside momentum is rather convincing and the structure of the rise does not look corrective. Additionally, the market will indicate a bullish opportunity at 1.4665, thus it will be a good sign to buy at this level (1.4665) with targets at 1.4733 and 1.4790.
Weekly technical analysis of GBP/USD:
