Overview:
- The GBP/USD pair continues moving downwards from the level of 1.4200 this morning. Today, the first resistance level is currently seen at 1.4248, the price is moving in a bearish channel now. According to the previous events, we expect the GBP/USD pair to trade between 1.4200 and 1.3959. So, the support stands at 1.3959, while daily resistance is found at 1.4200. Therefore, the market is likely to show signs of a bearish trend around the spot of 1.4200. In other words, sell orders are recommended below the spot of 14200/1.4150 with the first target at the level of 1.4042 and continue towards 1.959 in order to test the weekly support 1 on the H1 chart. On the other hand, if the GBP/USD pair fails to break through the weekly pivot point level of 1.4103 today, the market will move upwards continuing the development of the bullish trend to the level 1.4241 (double top).
Weekly technical levels:
- R3: 1,4785
- R2: 1,4516
- R1: 1,4372
- PP: 1,4103
- S1: 1,3959
- S2: 1,3690
- S3: 1,3546
Weekly technical analysis of GBP/USD:
