Overview :

The GBP/USD pair was trading around the area of 1.3755 a week ago. Today, the level of 1.3786 represents a weekly pivot point in the H1 time frame.

The pair has already formed minor resistance at 1.3786 and the strong resistance is seen at the level of 1.3811 because it represents the weekly resistance 1.

So, major resistance is seen at 1.3811, while immediate support is found at 1.3705.

If the pair closes below the weekly pivot point of 1.3786, the GBP/USD pair may resume it movement to 1.3674 to test the weekly support 1.

From this point, we expect the GBP/USD pair to move between the levels of 1.3705 and 1.3871.

Equally important, the RSI is still calling for a strong bearish market as well as the current price is also below the moving average 100.

As a result, sell below the weekly pivot point of 1.3786 with targets at 1.3705 and 1.3674 in order to form a double bottom.

However, stop loss should always be taken into account, accordingly, it will be of beneficial to set the stop loss above the last bullish wave at the level of 1.3840.

The material has been provided by InstaForex Company –

Leave your vote

🚀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.