- The GBP/USD pair is going to continue its drop downright from the price of 1.5522 (the weekly pivot point) in the short term. The level of 1.5424 represents the same price, which is probably going to form a double bottom. Accordingly, the pair is showing signs of strength following the break of the lowest level of 1.5480. So, it will be a good sign to sell below the level of 1.5480 (23.6% of Fibonacci retracement levels on the H1 chart) with the first target of 1.5424 and further to 1.5392 (it will act as strong resistance, for that it is going to be a good place to take profit. Besides, the level of taking profit will coincide with a new double bottom at the same time frame). On the other hand, in case reversal takes place and the GBP/USD pair breaks through the weekly pivot point at level of 1.5522, the market will rise further to 1.5564 in order to indicate a bullish market.
The weekly technical analysis of GBP/USD pair:
The material has been provided by InstaForex Company – www.instaforex.com