Overview:
The first key level still sets at 1.5335 and the second key level will set at 1.5400 today. These levels represent the daily support 1 and support 2 respectively. Equally important, the GBP/USD pair is still moving between 1.5403 and 1.5547. Additionally, a range about 140 pips is expected in coming days. Moreover, the trend is very clear indicating upward movement from the supports levels of 1.5335 and 1.5400. Accordingly, we expect that the trend is going to call for the bullish market at the level of 1.5403. As a result, buy at 1.5403 with the first target at 1.6905, it might resume to 1.5510 and continue towards the level of 15547 in order to test the resistance 2. On the other hand, your stop loss should be placed below the daily pivot point which sets at the level of 1.5403, so it will helpful to set it at 1.5330 this week.
Observations:
- Major support sets at the level of 1.5335.
- Major resistance will be placed at 1.5547.
- We expect a new range about 320 pips this week.
- Stop loss should never exceed your maximum exposure amounts. So, your stop loss should be around 60 pips for each position. But, your take profit should equal 2 times of stop loss.
