Overview:
- The GBP/USD pair will probably move above the support levels at 1.5580 and 1.5630. Consequently, it would be wise to be careful in the area of 1.5644 (weekly pivot point). In particular, it will be too meaningful to wait breaking the weekly pivot point at 1.5644 before investing. The level of 1.5547 formed a strong support. The market is likely to start showing bullish signs from the support levels mentioned above. In other words, it will be a good sign to buy above the level of 1.5630 with the first target at 1.5704 in order to retest the weekly resistance 1. Besides, it will climb towards the level of 1.5814 to retest the double top in the H4 chart. Moreover, it should also be noted that the weekly resistance 2 is set at 1.5842 and the double top has been already set at 1.5814. However, if the pair does not break the double top, the market will indicate a bearish opportunity below the level of 1.5814. This level will act as strong resistance.
Observations:
- We expect a new range about 87 pips today.
- The key level will be set at 1.5644, which represents the weekly pivot point.
- The support of the GBP/USD pair has been already set at 1.5550; and the weekly support 1 is seen at the same level.
- If the trend fails to close below the level of 1.5550 or 1.5630, it will be a good opportunity to buy above 1.5630 with the first target at 1.5700. Then, it will be continued straight towards 1.5814.
