Overview:
- According to the previous events, the GBP/USD pair has still been trapped between 1.5535 and 1.5410. The level of 1.5535 represents the strong resistance. Also, it should be noted that the price of 1.5516 is coinciding with the ratio of 23.6% Fibonacci retracement levels. The minor support is seen at the level of 1.5462. Hence, we expect a range about 190 pips in coming hours. Therefore, the market is going to call for a strong downtrend from the levels of 1.5607 and 1.5535. Thus, sell again below the level of 1.5535 in the long term with the first target of 1.5462 in order to test the double bottom. If the trend manages to break the bottom at 1.5462, it might resume to 1.5413.
Notes:
- Major support is seen at 1.5462 on August 6, 2015.
- The level of 1.5601represents the weekly pivot point.
- Major resistance has already set at the level of 1.6840.
- It should be noted that the weekly range was large during the last four weeks.
- According to our statistics, the range was between 299 pips and 350 pips and the average range was around 322 pips.
- Resistance is seen at 1.5601 and minor resistance is seen at 1.5535.
- Volatility: 328.51
