Overview:
- The GBP/USD pair has has already found support at the level of 1.5310 (minor resistance which represents the daily pivot point), and resistance is seen at 1.5382 (the weekly support 3). According to the previous events, the price has still been moving between 1.5310 and 1.5382, then it should be noted that the range today will be around 72 pips in coming hours. Consequently, the trend in the H1 time frame is calling for a bullish market at the level of 1.5310. Thus, look for further upside move above the level of 1.5310 with a target at 1.5382, in case a breakout of the double top takes place today (1.5382). So, the price will continue towards 1.5450 until the end of this week. On the other hand, sell below 1.5450 in the short term the same day with the first target at 1.5375; it might resume to 1.5310 later in order to test the daily pivot point (October 8, 2015).
Notes:
- We expect a range of 70-85 pips today.
- Risk of 76 pips must make a profit of 152.
- The value of 78.6% Fibonacci retracement levels is 1.5323 with a view to confirm a bullish market above this price.
- Volatility: 120.22, thus the market indicates the higher volatility.
