Overview:
- Amid the previous events, the GBP/USD pair is still moving between the levels of 1.4360 and 1.4513. In overall, we still prefer the bullish scenario as long as the price is above the level of 1.4349. Currently, the price is moving in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. The price is still above the moving average (100). Furthermore, if the GBP/USD pair is able to break out the top at 1.4513, the market will rise further to 1.4647. On the other hand, if the price closes below the strong support of 1.4349, the best location for a stop loss order is seen below 1.4283, hence, the price will fall into a bearish trend in order to go further towards the strong support at 1.4186 to test it again. The level of 1.4186 will form a strong support at the H1 time frame. Additionally, if the pair fails to pass through the level of 1.4186, the market will indicate a bearish opportunity below the level of 1.4186. So, the market will decline further to 1.4052 in order to return to the double bottom.
The weekly technical analysis of the GBP/USD pair:
