Overview :
* The GBP/USD pair will probably move between 1.6190 and 1.6064. Also, it should be noted that the double bottom is set at the price of 1.6064. Consequently; it would be wise to be careful at this range area of 126 pips. In particular, it will be very important to wait for a period of tight sideway range market before investing. Equally important, the level of 1.6054 formed a strong support, as well as this price corresponds to 00% of the Fibonacci retracement levels (the double bottom). Therefore, the market is likely to start showing the signs of a bullish market. In other words, it will be a good idea to buy above the 0.6064 level with the first target of 1.6133 in order to retest the daily pivot point and it will climb towards the price of 1.6190 for testing a resistance.
- However, If the the pair does not break this resistance, the market will indicate a bearish opportunity below 1.6202, then the level will act really as strong resistance, for that it will a good option to sell below 1.6202 with the first target of 1.6064 to form the double bottom again and it will call for a downtrend in order to continue bearish towards 1.5964 tomorrow.
The material has been provided by InstaForex Company - www.instaforex.com
