The weekly Technical analysis of GBP/USD pair:
- According to the previous events, the GBP/USD pair will move between the levels of 1.5713 and 1.5585 this week.
- The resistance will be set at the level of 1.5713.
- The support has already been placed at the price of 1.5585. Besides, it should be noted that the weekly pivot point is coinciding with the same price of support.
- We expect a new range about 128 pips in the next two days.
- The key level will be set at the level of 1.5590.
- The trend was very clear and was indicating an uptrend. Accordingly, we expect that the trend is going to call for the bullish market at the level of 1.5585.
- As a result, buy at the price of 1.5585 with the first target of 1.5659, it might resume to 1.5713 in order to test the weekly resistance 1.
- On the other hand, your stop loss should be placed below the 1.5585 level, hence it will be helpful to set it at the price of 1.55 35 for the next two days.
The material has been provided by InstaForex Company – www.instaforex.com