The weekly pivot point: 1.4860
Overview:
- The market of GBP/USD pair showed bullish signs from the weekly pivot point (1.4860). The trend movement was controversial as it took place in the narrow sideways channel around the weekly pivot point for a while. Due to the previous events, the price is still between the levels of 1.4860 and 1.5160, so it is recommended to be careful while making deals in this area. Therefore, it is necessary to wait until the uptrend channel gets passed through. Then, the market will probably show the signs of a bullish trend at the same price. In other words, buy deals are recommended above 1.4860 with the first target at 1.5085. From this point, the pair is likely to begin an ascending movement to the point of 1.5115 and further to the level of 1.5164 in order to test double top on the chart. The level of 1.5164 is likely to act as a strong resistance for this week. However, if the pair fails to pass through the level of 1.5164, the market will indicate a bearish opportunity below the strong resistance level of 1.5164. Sell deals are recommended lower than the 1.5164 level with the first target at 1.4943. There is a possibility that the pair will turn downwards continuing the development of the bearish trend to the level 1.4860 to test the weekly pivot point again (history will repeat itself again at the same point).
