Overview :
- The first key level of GBP/USD pair will set at the level of 1.6875 and the second key level will set at the 1.5306 mark today. Moreover, it should be noted that the level of 1.5325 represents the resistance and the ratio of 50% Fibonacci retracement levels. Additionally, the 1.5023 level is going to act as the support on H1 chart and the double bottom sets at the level of 1.5035 at the same time frame. Equally important, the price of the GBP/USD pair is still moving between 1.5104 and 1.2521. Another thought, it should be noted that the range will be about 88 pips today. Furthermore, in the long term the trend is very clear and indicating a downward bias from the double top at the level of 1.5325. Accordingly, we expect that the trend is going to call for the bearish market at the level of 1.5320. As a result, sell at the price of 1.5320 with the first target of 1.5180, it might resume to 1.5104 and continue towards the point of 1.5035 in order to test the weekly support. On the other hand, your stop loss should be placed above the 1.5325 level. Therefore, it will be helpful to set it at the price of 1.5360 today.
The material has been provided by InstaForex Company - www.instaforex.com
