Overview:
- The resistance had already found at the level of 1.5279 (note: the double top is set at the 1.5261 level). On the other hand, the support has been set at 1.5077 today. Also, you should be noted that the weekly pivot point is placed at the same level(1.5077). Therefore, according to the preceding proceedings, the price will move between 1.5077 and 1.5279 this week. It should be noted that the range is likely to be around 202 pips in coming days. Consequently, the trend is calling for the bearish market at the level of 1.5299 in the H1 chart. As a result, look for further downside move with targets at 1.5188 below 1.5299. If it can break the support at1.5188, the price will continue moving towards 1.5077 in order to break the weekly pivot point before the end of April.
Trading recommendations:
- The GBP/USD pair will be trapped between the levels of 1.5280 and 1.5080 (around 200 pips)
- Our first outlook is to sell below the level of 1.5280 because it looks for further downside with the targets of 1.5175 and 1.5083. It should be noted that at the level of 1.5077 will form strong support area. Notwithstanding, in the long term, buy above 1.5070 with the first target at 1.5261 in order to form a double top. It might resume to 1.5273 to test the resistance.
The weekly technical levels for GBP/USD pair:
