Long-term review
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Overview:
GBP/USD: The price is still between the levels 1.5290 and 1.5340, so it is recommended to be cautious while making deals in this area. Therefore, it is necessary to wait till the sideways channel is passed through. Then, the market will probably indicate the signs of a bullish trend. In other words, BUY-deals are recommended higher than 1.5242 (this level is already set on the weekly pivot point) level with its first target at level 1.5360 (this point will be formed a double top at 1.5362). From this point the pair is likely to begin the ascending movement to the point 1.5400 and further to the level 1.5452 (it should note that level is the weekly resistance 1). However, if the pair fails to pass through the level 1.5452, the market will indicate a bearish opportunity below the strong resistance level 1.5452. In this regard, SELL-deals are recommended lower than the 1.5452 level with the first target of 1.5370. It is possible that the pair will turn to downward movement continuing the development of the bearish trend to the level 1.5290 in order to form a new support for the next week.
If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com.
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