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Overview :

On the H1 chart :

The GBP/USD pair continues to move upwards from the level of 1.3703. Yesterday, the pair rose from the level of 1.3703 (the level of 0.9866 coincides with a ratio of61.8% Fibonacci retracement) to a top around 1.3780.

Today, the first support level is seen at 0.9866 followed by 1.3703, while daily resistance 1 is seen at 1.3788. According to the previous events, the GBP/USD pair is still moving between the levels of 1.3703 and 1.3926; for that we expect a range of 223 pips (1.3926 – 1.3703).

On the one-hour chart, immediate resistance is seen at 1.3788, which coincides with a ratio of 100% Fibonacci retracement. Currently, the price is moving in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. The price is still above the moving average (100) and (50).

Therefore, if the trend is able to break out through the first resistance level of 1.3860, we should see the pair climbing towards the daily resistance at 1.3926 to test it. It would also be wise to consider where to place stop loss; this should be set below the second support of 1.3650.

On monthly chart :

The GBP/USD pair dropped sharply from the level of 1.5135 towards 1.1411. Now, the price is set at 1.3700. On the H1 chart, the resistance is seen at the levels of 1.4000 and 1.5135.

Volatility is very high for that the GBP/USD pair is still expected to be moving between 1.3700 and 1.5135 in coming weeks. In the long term, we expect the GBP/USD pair to continue to trade in a bullish trend from the new support level of 1.3700 to form a bullish channel.

Also, it should be noted that major resistance is seen at 1.5135, while immediate resistance is found at 1.4000 . According to the previous events, the pair is likely to move from 1.3700 towards 1.4000 and 1.5135 as targets.

However, if the pair fails to pass through the level of 1.5135, the market will indicate a bearish opportunity below the level of 1.5135. So, the market will decline further to 1.3000 in order to return to the monthly support. Moreover, a breakout of that target will move the pair further downwards to 1.2080.

The material has been provided by InstaForex Company – www.instaforex.com

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