Overview :
- The price of the GBP/USD pair has been not stable because the trend has been moving between 1.6725 and 1.6657 since yesterday. Also, it might notice that the the prices of 1.6725 and 1.6657 are representing the weekly pivot point and the double bottom respectively. Furthermore, it should be noted that the resistance has already set at the price of 1.6725 and the support is placed at 1.6622. Accordingly, it would be wise to be careful in this area. So, the first step is waiting in this spot before investing. As a result, it will probably be that the GBP/USD pair is going to start showing the signs of the bullish market at the level of 1.6622. In other words, it will be a good idea to buy above the price of 1.6622 with the first target of 1.6666 in order to try to close above minor resistance. Then it will call for an uptrend to continue its bullish movement towards 1.6725 to test the weekly pivot point for forming the strong resistance at this point in H1 chart. Consequently, the market will indicate a bearish opportunity at the spot of 1.6725. Thus, the level will be acting as strong resistance today. For that, it is providing a clear signal for sell deals with the target seen at 1.6625. On the other hand, the stop loss should be placed above 1.67453.
The material has been provided by InstaForex Company - www.instaforex.com
