Overview:
- The GBP/USD pair faced strong resistances at the levels of 1.4670 and 1.4717. So, the strong resistance has been already formed at the levels of 1.4670 - 1.4717.and the pair is likely to try to approach it in order to test it again. However, if the pair fails to pass through the level of 1.4717 (major resistance), the market will indicate a bearish opportunity below the new strong resistance level of 1.4670 (the level of 1.4670 coincides with the double top). Moreover, the RSI starts signaling a downward trend because it is seen below 50, but also it should be noted that the trend is still showing strength above the moving average (100). Thus, the market is indicating a bearish opportunity below 1.4670 so it will be good to sell at 1.4670 with the first target of 1.4550. It will also call for a downtrend in order to continue towards 1.4449. The daily strong support is seen at 1.4449. However, the stop loss should always be taken into account, for that it will be reasonable to set your stop loss at the level of 1.1760.
