The weekly technical analysis of GBP/USD pair:
- According to the previous events, the GBP/USD is still moving between 1.5375 and 1.5242. The level of 1.5375 represents strong resistance. Also, it should be noted that the level of 1.5382 is coinciding with the ratio of 38.2% Fibonacci retracement levels. The minor support is found at the level of 1.5305. Consequently, we expect a range about 133 pips (1.5375 – 1.5242) in coming two days. Therefore, the market is going to call for a downtrend from the level of 1.5370. Sell below the level of 1.5370 in the long term with the first target at 1.5305, it might resume to 1.5250.
- Major support is seen at 1.5242.
- The level of 1.5375 represents the weekly pivot point.
- Major resistance is seen at the level of 1.5382.
- According to our statistics, the range was between 220 and 300 pips, and the average range was around 260 pips.
The material has been provided by InstaForex Company – www.instaforex.com