GBP/USD is expected to trade in a higher range and the pair is bullish above 0.6695. The pair is currently testing its horizontal level at 0.6732 and 0.6695 which represents a strong support base and should allow for a temporary stabilization. Even though a consolidation cannot be ruled out at the current stage, its extent should be limited, as long as 0.6695 is not broken. Upward targets are set at 1.55100.6785 and 0.6810.
Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 0.6785 and the second target at 0.6850. In the alternative scenario, short positions are recommended with the first target at 0.6670 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.6640. The pivot point is at 0.6695.
Resistance levels: 0.6785 0.6810 0.6850 Support levels: 0.6670 0.6640 0.6610
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