- The GBP/USD pair movement will continue directly from the level of 1.5134 towards the current price of 1.5183 on the H1 chart. On the other hand, the resistance will be at the level of 1.5293 which represents the weekly pivot point in the same time frame. However, this level was confirmed by the bearish market a week ago. Additionally, the price of the GBP/USD pair has been showing a downward trend at the same price which represents the resistance. Therefore, the market will indicate the bearish opportunity at the level of 1.5293. Besides, the weekly pivot point became the resistance today. Accordingly, it will be a good decision to sell below 1.5293 (in the long term) with the first target of 1.5134 in order to test the double bottom and further to 1.5093. Furthermore, this level of taking profit will coincide with a new double bottom. So it is going to be a good place to take profit. On the other hand, the stop loss should be placed above the resistance at the price of 1.5334.
The material has been provided by InstaForex Company – www.instaforex.com