Overview:
- The GBP/USD pair faced support at the level of 1.4312, while strong support is seen at 1.4188. Resistance is found at the levels of 1.4436 and 1.4507. Also, it should be noted that a weekly pivot point has already set at the level of 1.4312. Equally important, the GBP/USD pair is still moving around the key level of 1.4312, which represents a weekly pivot in the H1 time frame. Today, the GBP/USD pair will probably continue to move upwards from the level of 1.4312. In consequence, we expect the GBP/USD pair to continue moving in the bullish trend from the support level of 1.4312 towards the target level of 1.4436 so as to test the double top in the same time frame. If the pair succeeds in passing through the level of 1.4436, the market will indicate the bullish opportunity above the level of 1.4436 in order to reach the second target at 1.4507. On the other hand, if a breakout happens at the support level of 1.4300, then this scenario may be invalidated.
Intraday technical levels:
- R3: 1.4826
- R2: 1.4631
- R1: 1.4507
- PP: 1.4312
- S1: 1.4188
- S2: 1.3993
- S3: 1.3869
