FX.co ★ GBP/USD

The weekly chart of the GBP/USD pair, although it closed with an indecision candle, suggests that the coming trading week is likely to be volatile. The price is still near the support zone at 1.3160–1.3180. Either this support will be broken right at the start of the trading week, or we’ll get a good bounce to the upside toward 1.3290. There it will be possible to look for selling opportunities in line with the downtrend. If the week starts with active selling and a breakout of the current support zone, I’m also expecting the next downside wave toward 1.3000–1.3040. There is a broad demand zone from which we can expect a solid rebound, so I’ll be watching for buying opportunities there.