- 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 – www.instaforex.com
🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.
As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.