Overview :
- Due to the previous events, the price of the GBP/USD pair is still going to trade between the levels of 1.5337 (the weekly pivot point) and 1.5469. So it is recommended to be careful while making deals in this area. Therefore, it is necessary to wait until the sideways channel is passed through. Thus, the range of the GBP/USD pair will be around 132 pips in coming hours (1.5469 - 1.5337 = 0.0132). Also, it should be noticed that the weekly pivot point is going to act as a strong support on February 18, 2015. Then the market will probably show the signs of a bullish trend. In other words, buy deals are recommended above the level of 1.5337 with their first target at the level of 1.5449. From this point, the pair is likely to begin an ascending movement to the point of 1.5467 and further to the level of 1.5476 (the weekly resistance 1 has been set at the price of 1.5479). However, if the pair fails to pass through the level of 1.5480, the market will indicate a bearish opportunity below the strong resistance level of 1.5480. In this regard, sell deals are recommended lower than the 1.5480 level with the first target at 1.5428. It is possible that the pair will turn downwards continuing the development of the bearish trend to the level of 1.5368 then to 1.5337.
The material has been provided by InstaForex Company - www.instaforex.com
