Overview :
- Due to the previous events, the price is still between the levels of 1.6324 (the weekly pivot point) and 1.6445, so it is recommended to be careful while making deals in this area. Therefore, it is necessary to wait till the sideways channel is passed through. Thus, the range of the GBP/USD pair will be around 80 pips today. Also, it should be noticed that the weekly pivot point is going to act as a strong support on 24 September, 2014. Then the market will probably show the signs of a bullish trend. In other words, buy deals are recommended above 1.6324 level with their first target at the level of 1.6400. From this point, the pair is likely to begin an ascending movement to the point of 1.6485 ( the weekly resistance 1) and further to the level of 1.6523 ( the double top). However, if the pair fails to pass through the level of 1.6523, the market will indicate a bearish opportunity below the strong resistance level of 1.6523. In this regard, sell deals are recommended lower than the 1.6520 level with the first target at 1.6410. It is possible that the pair will turn downwards continuing the development of the bearish trend to the level 1.6360 then 1.6324 (the weekly pivot point).
The material has been provided by InstaForex Company - www.instaforex.com
