The weekly technical analysis of GBP/USD pair:
Overview:
- The resistance of the GBP/USD pair was broken and turned to support around the level of 1.5490. The pair has already formed strong support at the level of 1.5490. Also, it should be noted that the minor support set at 1.5490 and the same level represents the weekly pivot point. Also, it should be noted that the trend could not close below this level and the pair started signing bullish market in this area. Moreover, the RSI and last strong support (around the double bottom at 1.5466) are still calling for uptrend at this spot. So, the pair will call for upside momentum rather convincing and the structure of the rising does not look corrective in order to indicate a bullish opportunity above the level of 1.3511 for that it will be a good sign to buy at 1.5466/1.5490 (around the weekly pivot point) with the first target of 1.5628 and it will continue its bullish move towards 1.5651.
Observations:
- The ratio of 100% Fibonacci retracement levels is coinciding with the 1.5628 price. However, it should be noted that the price is going to move between 1.5466/1.5490 and 1.5628.
- The double top is seen at the point of 1.5628 in the H1 chart.
