Overview :
- Continuation of the previous analysis:
- The price of GBP/USD pair is going to move between the level of 1.4850 and 1.4984. Hence, the range of the GBP/USD pair will be around 134 pips. The resistance has been set at the level of 1.4984 since last week. Equally important, the support has set at 1.4850 (23.6% Fibonacci retracement level in the H4 chart). Consequently, the market will indicate a bearish opportunity below 1.4984, because the level of 1.4984 is going to act as strong resistance today. Therefore, it will be a good sign to sell below this level with the first target of 1.4918 in order to try to break the weekly pivot point at the same chart. Nevertheless, if the trend manages to close below 1.4984, the market will be continuing in downtrend below the weekly pivot point towards the level of 1.4853. The stop loss should be placed at the level of 1.5012. If the trend fails to close below the level of 1.4984, it will be a good sign to buy at this level in the short term with target at 1.5037. Then, it is going to continue moving towards 1.5093.
Intraday technical levels :
- R3: 1.5093
- R2: 1.5040
- R1: 1.4984
- PP: 1.4913
- S1: 1.4850
- S2: 1.4817
- S3: 1.4782
The material has been provided by InstaForex Company - www.instaforex.com
