- The GBP/USD pair continues to move downwards from the level of 1.3916. Yesterday, the pair dropped from the level of 1.3916 (this level of 1.3916 coincides with the double top, 50% of Fibonacci retracement levels – (the weekly pivot point)) to the bottom around 1.3867.
- Today, the first resistance level is seen at 1.3916 followed by 1.3967, while daily support 1 is found at 1.3845.
- Also, the level of 1.3916 represents a weekly pivot point for that it is acting as major resistance/support this week.
- Amid the previous events, the pair is still in a downtrend, because the GBP/USD pair is trading in a bearish trend from the new resistance line of 1.3916 towards the first support level at 1.3845 in order to test it.
- If the pair succeeds to pass through the level of 1.3845, the market will indicate a bearish opportunity below the level of 1.3845 with teh target of 1.3845 and 1.3823 (last bearish wave).
- However, if a breakout happens at the resistance level of 1.4003, then this scenario may be invalidated.
- If the pair fails to pass through the level of 1.4003, the market will indicate a bearish opportunity below the strong resistance level of 1.3900-1.3867. In this regard, sell deals are recommended lower than the 1.3867 level with the first target at 1.3845. It is possible that the pair will turn downwards continuing the development of the bearish trend to the level 1.3823. On the other hand, stop loss has always been in consideration thus it will be useful to set it above the last double top at the level of 1.4003 (notice that the major resistance today has set at 1.4003).
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.