The weekly technical analysis of GBP/USD pair:
- The GBP/USD pair has been moving in an uptrend
since last week rising form the level of 1.5834. Also, it should be noticed
that the GBP/USD pair opened above the weekly pivot point (1.5766).
Additionally, a double top sets at 1.5929. Therefore, the market will probably
indicate a bullish opportunity at the level of 1.5834 in the long term.
According to the previous events, the price is going to move between the levels
of 1.5834 and 1.5929. In consequence, buy above the weekly pivot point with the
first target at 1.5929 in order to test the double top. Moreover, if the trend is
able to break the level of 1.5929, it will continue straightly towards the
first resistance at 1.6027. Hence, the level of 1.6027 represents a strong
resistance in the H1 chart. The area below 1.6027 (the weekly resistance 1)
looks for further downside with the first target at 1.5920 and continues
towards 1.5777 with a view to test the weekly pivot point in the same time
The material has been provided by InstaForex Company – www.instaforex.com