Overview:
- The strong support is seen at the level of 1.5835 today. Moreover, the resistance has already set at 1.6079 in the H1 chart. So, we expect a range about 244 pips until the end of Friday's session. According to the previous events, the GBP/USD pair is still moving between 1.5835 and 1.6015. It should be noted that the key level is set at the level of 1.5920. Equally important, the double bottom will be formed at the level of 1.5835. As it is known, history will probably repeat itself at this level again. It will be a good sign to buy above the area of 1.5835 with the first target at 1.6015 to test the minor resistance. It will call for uptrend in order to continue its bullish movement towards 1.6079 (strong resistance).
- On the other hand, the stop loss should never exceed your maximum exposure amounts; the stop loss should be placed below 1.5835 at the level of 0.5905. Observations: · The pair still calls for a strong bullish market from the spot of 1.5835. · The resistance had already set at the level of 1.6079.
