Overview :
- The market of GBP/USD pair showed the signs of instability. The trend movement was controversial as it took place in the narrow sideways channel. Due to the previous events, the price is still between the levels of 1.5588 and 1.5735, 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. Then, the market will probably show the signs of a bullish trend from the double bottom which sets at the point of 1.5588. In other words, buy deals are recommended above 1.5588 level with their first target at the level of 1.5690. Then, the trend will continue towards the weekly pivot point around the area of 1.5735. The pair is likely to begin an ascending movement to the point of 1.5690 and further to the level of 1.5735 (it will act as strong resistance this week). However, if the pair fails to pass through the level of 1.5735 (the weekly pivot point), the market will indicate a bearish opportunity below the strong resistance level of 1.5735. In this regard, sell deals are recommended lower than the 1.5735 level with the first target at 1.5640. It is possible that the pair will turn downwards continuing the development of the bearish trend to the level 1.5590.
The material has been provided by InstaForex Company - www.instaforex.com
