The weekly technical analysis of the GBP/USD pair.
- According to the previous events, the price of the GBP/USD pair is still above the weekly resistance around the area of 1.5475. On the other hand, the supports is going to set at the levels of 1.5378. The double bottom will be set at the 1.5515 level. Subsequently, the descending movement will probably be lower than the 1.5515 level with the first targets at 1.5420 and it is going to continue towards 1.5378 in order to test the the weekly pivot point. Moreover, it will call for a downtrend to continue with its bearish movement towards the double bottom at 1.5328. However, the stop loss should always be taken into account for that it will be very safe to set your stop loss at the price of 1.5542.
Technical levels of the GBP/USD pair:
- The resistance will be set at 1.5515.
- The support and double bottom have already been placed at the levels of 1.5378 and 1.5328, respectively.
- On the H1 chart, the trend is still calling for a bearish market.
- We expect a daily range of 82 pips, but the weekly range will be about 275 pips.