According to my previous analysis, GBPUSD rejected the key resistance area between R1 (1.5614) and R2
(1.5688) and sharply fell after forming a double top at the
Wealness in the GBP/USD pair becomes more
obvious and this should be a confirmation of the short-term
weakness that could last from few days to a week.
Consider selling GBP/USD on any minor
pullback, preferably near S1 (1.5540) to target S3 (1.53) support
area, where the pair would form a double bottom.
The probability of a
move higher to the area above R2 is very small, but a break of this level
should change the trend immediately.
Support: 1.5447, 1.5300, and 1.5168
Resistance: 1.5540, 1.5614, and 1.5688
The material has been provided by InstaForex Company – www.instaforex.com