Overview :

  • The trend of GBP/USD pair movement was controversial as it took place in a narrow sideways channel, the market showed signs of instability.
  • Amid the previous events, the price is still moving between the levels of 1.3821 and 1.3982.
  • Dailly range : 1.3982 – 1.3821.
  • Also, the daily resistance and support are seen at the levels of 1.3982 and 1.3821 respectively.
  • Therefore, it is recommended to be cautious while placing orders in this area. So, we need to wait until the sideways channel has completed.
  • The market moved from its bottom at 1.3821 and continued to rise towards the top of 1.3982.
  • Today, in the one-hour chart, the current rise will remain within a framework of correction.
  • However, if the pair fails to pass through the level of 1.3982, the market will indicate a bearish opportunity below the strong resistance level of 1.3982 (the level of 1.3982 coincides with the double top too, 61.8 of Fibonacci – golden ratio).
  • Since there is nothing new in this market, it is not bullish yet. Sell deals are recommended below the level of 1.3982 with the first target at 1.3821.
  • If the trend breaks the support level of 1.3821, the pair is likely to move downwards continuing the development of a bearish trend to the level 1.3724 in order to test the daily support 2 (horizontal red line).

The material has been provided by InstaForex Company –

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