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The trend of GBP/USD pair movement was controversial as it took place in the narrow sideways channel, the market showed the signs of instability. Due to the previous events, the price is still moving between the levels of 1.2169 and 1.2301.
Also, it should be remembered that the daily resistance and support are at the levels of 1.2301 and 1.2169 respectively.
It is recommended to be cautious while opening orders in this area. So, it is necessary to wait until the sideways channel has completed.
Yesterday the market has moved from it's bottom at 1.2169 and continued to rise towards the top of 1.2301.
Today in the one-hour chart, the current rise will remain in the framework of corrections. However, if the pair fails to pass through the levels of 1.2301 - 1.2405, the market will indicate a bearish opportunity below the strong resistance level of 1.2301 (the level of 1.2405 coincides with the double top too).
Since there's nothing new in the path of this pair, it is still not bullish. In this regard, sell deals are recommended lower than the 1.2301 level with the first target at 1.2169.
If the trend breaks the support at 1.2169. Thereupon, it is possible that the pair will move downwards continuing the development of the bearish trend to the level 1.2113 in order to test the daily support 2. The support level 3 sets at the price of 1.2044.
Overall, we still prefer the bearish scenario which suggests that the pair will stay below the zone of 1.2044.
However, stop loss should always be taken into account, accordingly, it will be of beneficial to set the stop loss above the last bullish wave at the level of 1.2405.
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