Overview:
- The GBP/USD pair faced strong support at the level of 1.2894. On the other hand, there is a strong resistance at the level of 1.3307. The level of 1.3080 represents a weekly pivot point for that it is acting as minor resistance this week and the pair is likely to try to approach it in order to test it again. Furthermore, the GBP/USD pair is continuing to trade in a bullish trend from the new support level of 1.2894. According to the previous events, we expect the GBP/USD pair to move between 1.2894 and 1.3080. Also, it should be noticed that the double top is set at 1.3300. But, the RSI is still signaling that the trend is downward as it remains strong below the moving average (100) because currently, the price is in a bearish channel. This suggests the pair will probably go down from the spot of 1.3080 in coming hours. Accordingly, the market is likely to show signs of a bearish trend. In other words, sell orders are recommended below 1.3080 with the first target at the level of 1.2796. If the trend is able to break the double bottom at the level of 1.2796, then the market will continue rising towards the weekly support 1 at 1.2627.
