Weekly technical analysis of GBP/USD:
Overview:
- The market of the GBP/USD pair was steady because the trend has been moving only downwards for a while. The major resistances have been placed at the levels of 1.5085 and 1.5053. As a result, the GBP/USD pair might start showing signs of a bearish market at the level of 1.5085, which represents the weekly pivot point. In other words, it will be a good sign to sell below the price of 1.5085 with the first target of 1.4975 in order to test the weekly resistance 1. Moreover, if the pair breaks the first support 1.5085, the market will indicate a bearish opportunity at the spot of 1.4975. Then, it will call for the downtrend to continue with its bearish movements towards 1.4943 to form a new double bottom on the H1 chart. Thus, the level of 1.4943 will act as support this week. So, it is providing a clear signal for buy deals with the target seen at 1.4975 for correction. On the other hand, the stop loss should be placed above the weekly pivot point (1.5085).
