The weekly technical analysis of GBP/USD pair:
- According to the previous events, the GBP/USD pair will move between the levels of 1.5432 and 1.5551.
The resistance has already set at the level of 1.5636 and the support is seen at 1.5403.
So, we expect a range about at least 233 pips this week.
Additionally, it should be noted that if the trend is ascending, the strength of the currency will be defined as follows: GBP is in the uptrend and USD is in the downtrend.
Therefore, it will be of the insight to sell in this area (1.5551) with the first target at 1.5466 in order to test the double bottom. Then, the price will be able to continue moving in the downtrend towards 1.5432 to try to break the weekly support one with a view to reach the point of 1.5403.
On the other hand, the stop losses should be placed above the double top 1.5636.