The GBP/USD pair rose from the level of 1.3105 towards 1.3311, but it rebounded to the level of 1.3209. Now, the current price is set at 1.3218.
On the H1 chart, the resistance is seen at the levels of 1.3266 and 1.3311. Besides, the weekly support 1 is seen at the level of 1.3155.
Today, the GBP/USD pair is continuing to move in a bullish trend from the new support level of 1.3208, to form a bullish channel.
Amid the previous events, we expect the pair to move between 1.3208 and 1.3311.
Therefore, buy above the level of 1.3208 with the first target at 1.3266 in order to test the daily resistance 1 and further to 1.3311 (double top).
However, if the pair fails to pass through the level of 1.3311, the market will indicate a bearish opportunity below the level of 1.3311.
The market will decline further to 1.3209 so as to return to the weekly pivot point. Additionally, a breakout of that target will move the pair further downwards to 1.3105.
The market is still in an uptrend. We still prefer the bullish scenario.
The material has been provided by InstaForex Company – www.instaforex.com
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