Long-term review
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Overview:
- The GBP/USD pair has still moved between 1.4760 and 1.4630. It should be noted that the range is likely to be about 130 pips today. Furthermore, the trend was very clear and indicated downtrend. We expect that the trend is going to call for the bearish market at the level of 1.4760 (the daily pivot point). As a result, sell at the price of 1.4760 with the first target at 1.4640 in order to test weekly support around the area of 1.4640/1.4630. Additionally, it might notice that support will be set at the level of 1.4635 and the double bottom is going to be created at the same level. On the other hand, your stop loss should be placed above the 1.4760 level, hence it will helpful to set it at the level of 1.4783 this week.
Observations:
- The GBP/USD pair called for the bearish market from the level of 1.4760 last week.
- So, the level of 1.4760 represents strong resistance.
- If the trend is able to break the support at 1.4635; then we will see a breakout below this level.
- Stop loss should never exceed your maximum exposure amounts.
- As a rule, the market is highly volatile if the last day had a huge volatility.
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