Overview:
- The GBP/USD pair continues moving downwards from the level of 1.2190 this morning. This week, the first resistance level is currently seen at 1.2272, the price is moving in a bearish channel now. According to the previous events, we expect the GBP/USD pair to trade between 1.2272 and 1.2091. So, the support stands at 1.2091, while daily resistance is found at 1.2272. Therefore, the market is likely to show signs of a bearish trend around the spot of 1.2200-1.2190. In other words, sell orders are recommended below the spot of 1.2190 with the first target at the level of 1.2091 and continue towards 1.2030 in order to test the double bottom on the daily chart. It should be noted that volatility is very high for that the GBP/USD pair is still moving between 1.2091 and 1.2272 in coming days. On the other hand, if the GBP/USD pair fails to break through the major resistance level of 1.1272 later, the market will move upwards continuing the development of the bullish trend to the level 1.2357 this week.
