Overview :
The price of the GBP/USD pair has not stabilized yet because the trend has been moving between 1.4890 and 1.4759 since yesterday. Also, it might note that the levels of 1.4888 and 1.4752 represent the weekly pivot point and the double bottom respectively. Furthermore, it should be mentioned that resistance has been already set at the level of 1.4888 and support is placed at 1.4703. It would be wise to be careful in this area. So, the first step is to wait in this spot before investing. As a result, the GBP/USD pair is likely to start showing the signs of the bullish market at the level of 1.4700. In other words, it will be a good idea to buy above 1.4700 with the first target at 1.4836 in order to try to close above minor resistance. Then, it is going to call for an uptrend to continue its bullish movement towards 1.4888 to test the weekly pivot point for forming the strong resistance at this price in the H1 chart. Consequently, the market will indicate a bearish opportunity at the spot of 1.4888/1.4900. The level is likely to be acting as strong resistance today. Hence, it is providing a clear signal for sell deals at the levels of 1.4888/1.4900 again with the target at 1.4760. On the other hand, the stop loss should be placed above 1.4915.
The material has been provided by InstaForex Company - www.instaforex.com
