The weekly technical analysis of GBP/USD pair:
Overview:
- The rGBP/USD pair has already found resistance at the level of 1.5225, and the weekly pivot point sets at the same level too. Hence, we expect a range between the levels of 1.5225 and 1.5115 in coming hours. Therefore, according to the previous events, the price is going to test the support level of 1.5115 in order to rebound toward the weekly pivot point at the level of 1.5225 today. Then, it should be noted that a range around 110 pips is expected. Consequently, the trend will call for a bullish market at the level of 1.5115 in the H1 time frame. Thus, above the level of 1.5115 it looks for further upside move with targets at 1.5175 and 1.5220.
Observations:
- The level of 1.5245 will act as a double top in the H1 chart.
- The weekly support 2 sets at 1.5044.
- We expect volatility about 105 pips today.
