Overview:
- The GBP/USD pair has already formed a strong resistance at the level of 1.5774 (1.5783: 61.8% of Fibonacci retracement levels) on the H1 chart. It formed the last bullish wave for the last week and the 1.5771 level also acts as strong resistance. The saturation is likely to take place around 1.5774 and 1.5783 because these levels are also forming a double top three days ago. Therefore, it is possible that the market will start showing bearish signs in the short period. The weekly support 1 is set at the same price of the double bottom around the area of 1.5636, hence sell deals are recommended below 1.5774 or 1.5783 with the first target seen at the 1.5636 level and further at the 1.5590 level. It should be noted that the level of 1.5590 is representing a minor resistance, for that it will be profitable to take all profits around the 1.5590 level before the New York market opening.
GBP/USD:
- Daily pivot point: 1.5636.
- Resistance has already placed at 1.5780 (sell below this level).
- Support sets at 1.5590.
