The weekly technical levels of GBP/USD pair:
Trading recommendations :
- The resistance of the GBP/USD pair has already set at 1.5800, but the minor resistance has set at the level of 1.5711. Furthermore, it will be very profitable to sell below this level for retesting the weekly pivot point and weekly support 1 in the long term, because the market is going to call for a downtrend from the price of 1.5711. Therefore, sell deals are recommended below 1.5711 with targets at 1.5648 (the level of 1.5648 represents the intraday pivot point) and 1.5585 to reach the weekly support 1. On the contrary, the support is going to set at the level of 1.5585 today.
Observations :
- The market is going to call for a downtrend.
- The double top will set at the level of 1.5756.
- The minor resistance is going to set at 1.5711.
- The major resistance has already set at the price of 1.5800.
- The price hit the weekly pivot point this week and the first resistance last week.
- We expect a range about 74 pips today.
The material has been provided by InstaForex Company - www.instaforex.com
