Pivot Point: 1.5682.
GBP/USD:
- Resistance: 1.5815. (Sell below this level).
- Support: 1.552. (Buy above this level).
Trading Recommendations:
According to the previous events, the price is still located between 1.5645 and 1.5945 levels.
BUY-deals are recommended higher than the 1.552 level with targets at levels 1.571 and 1.5825.
The descending movement will probably take place lower than the 1.5815 level with the first targets seen at 1.57, 1.565 and 1.553 levels. Signals:
SELL (Short) : at 1.5735
- Take Profit 1 : at 1.5615
- Take Profit 2 : at 1.5520
- Stop Loss : at 1.5850
Overview:
It should be noted that the market revealed the signs of instability. The trend movement was controversial as it took place in a narrow sideways channel. Concerning the previous events, the price is still between the levels 1.5945 and 1.5645 so it is recommended to be cautious while making deals in this area. Therefore, it is necessary to wait till the sideways channel is passed through. Then, the market will probably indicate the signs of a bullish trend. In other words, BUY-deals are recommended higher than the 1.552 level with its first target seen at level 1.56. From this point the pair is likely to begin the ascending movement to the point 1.572 and further to the level to 1.58. However, if the pair does not manage to pass through the level 1.5815, the market will indicate a bearish opportunity below the strong resistance level 1.5815. In this regard, SELL-deals are recommended lower than the 1.5815 level with the point 1.57 seen as first target. The pair is likely to turn to downwards continuing the development of the bearish trend to the level 1.555.
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