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Overview :
The GBP/USD pair faced a strong resistance at the level of 1.3624, while minor resistance is seen at 1.3548. Support is found at the levels of 1.3452, 1.3411 and 1.3360.
This week, the GBP/USD pair continued to move upwards from the level of 1.3452. The pair rose from the level of 1.3452 to the top around 1.3624.
In consequence, the GBP/USD pair broke resistance, which turned strong support at the level of 1.3452.
However, the price spot of 1.3624 - 1.3548 remains a significant resistance zone. Thus, the trend will probably be rebounded again from the double top as long as the level of 1.3624 is not breached.
Today, the level of 1.3624 is expected to act as major resistance. Hence, we expect the GBP/USD pair to continue moving in the bearish trend from the resistance levels of 1.3624 and 1.3548 towards the target level of 1.3435 so as to test pivot point.
If the pair succeeds in passing through the level of 1.3435, the market will indicate the bearish opportunity below the level of 1.3435 in order to reach the second target at 1.3411. Next objective 1.3360
In other words, sell orders are recommended below the zone of 1.3548 with the first target at the level of 1.3452; and continue towards the tragets of 1.3411 and 1.3360.
According to the previous events, we expect the GBP/USD pair to trade between 1.3548 and 1.3360. Note, the bottom stands at 1.3279, while daily resistance is found at 1.3548.
On the contrary, in case a reversal takes place and the GBP/USD pair breaks through the resistance level of 1.3624, then a stop loss should be placed at 1.3650.
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