The GBP/USD pair continues to move downwards from the areas of 1.3289 and 1.3203. Yesterday, the pair dropped from the level of 1.3289 to 1.3203. The price was rebounded from the bottm of 1.3203 to close at 1.3246. Today, the resistance is seen at the levels of 1.3289 and 1.3342. So, we expect the price to set below the strong resistance at the levels of 1.3342 and 1.3289, because the price is in a bearish channel now. Amid the previous events, the price is still moving between the levels of 1.3289 and 1.3203. In overall, we still prefer the bearish scenario as long as the price is below the level of 1.3289. Furthermore, if the GBP/USD pair is able to break out the bottom at 1.3203, the market will decline further to 1.3157 (daily support 2). The price will fall into a bearish trend in order to go further towards the strong support at 1.3203 to test it again, then the second target will be seen at 1.3157. On the other hand, if the price closes above the strong resistance of 1.3342, the best location for a stop loss order is seen above 1.3386.
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
The GBP/USD pair continues to move downwards from the areas of 1.3289 and 1.3203. Yesterday, the pair dropped from the level of 1.3289 to 1.3203. The price was rebounded from the bottm of 1.3203 to close at 1.3246. Today, the resistance is seen at the levels of 1.3289 and 1.3342. So, we expect the price to set below the strong resistance at the levels of 1.3342 and 1.3289, because the price is in a bearish channel now. Amid the previous events, the price is still moving between the levels of 1.3289 and 1.3203. In overall, we still prefer the bearish scenario as long as the price is below the level of 1.3289. Furthermore, if the GBP/USD pair is able to break out the bottom at 1.3203, the market will decline further to 1.3157 (daily support 2). The price will fall into a bearish trend in order to go further towards the strong support at 1.3203 to test it again, then the second target will be seen at 1.3157. On the other hand, if the price closes above the strong resistance of 1.3342, the best location for a stop loss order is seen above 1.3386.
The material has been provided by InstaForex Company – www.instaforex.com
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