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Overview:
The GBP/USD pair started recovering until it reaches the top point of 1.2484. Amid the previous events, the price is still moving between the levels of 1.2256 and 1.2484.
Pivot point sets at the price of 1.2256. Resistance and support are seen at the levels of 1.2484 (also, the double top is already set at the point of 1.2484) and 1.2256 respectively.
Therefore, it is recommended to be cautious while placing orders in this area. So, we need to wait until the sideways channel has completed. The current price is seen at 1.2338 which represents a key level today.
The level of 1.2484 will act as the first resistance today. Hence, if the pair fails to pass through the level of 1.2484, the market will indicate a bearish opportunity below the strong resistance level of 1.2484. Sell deals are recommended below the level of 1.2484 with the first target at 1.2256.
The level of 1.2256 represents the daily pivot point. If the trend breaks the support level of 1.2256, the pair is likely to move downwards continuing the development of a bearish trend to the level 1.2087.
The weekly pivot is seen at the level of 1.2256. The market is still in a downtrend. We still prefer the bearish scenario in long term. However, the sop loss should be placed above the last bullish wave around the spot of 1.2500.
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