- According to previous events, the GPB/USD pair has still trapped between 1.5655 and 1.5731. It looks reasonable to be careful in this area. Therefore, the first step is waiting for a period of tight sideway range market before a breakout. So, the market will probably start showing bullish signs at the level of 1.5655/1.5700. In other words, it will be a good sign to buy above 1.5655 with the first target at 1.5730 and it will climb towards 1.5766.
At the same time, if the pair cannot break the level of 1.5766, the market will indicate a bearish opportunity below 1.5766. Then, the level will act as strong resistance. It will be a good sign to sell below 1.5766 with the first target at 1.5722 and it will call for downtrend in order to continue bearish towards 1.5687.
- A double top will be formed at 1.5766.
- We expect a range of 128 pips in coming two days.
- The supports will set at the levels of 1.5666 and 1.5625.
The material has been provided by InstaForex Company – www.instaforex.com