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Overview :
Uptrend outlook :
The GBP/USD pair is trading around the zone of 1.3015 the level of 1.3015 represents a daily pivot point (key level). The pair has already formed minor resistance at 1.3046 and the strong resistance is seen at the level of 1.3077 because it coincides with the golden ratio (61.8% of Fibonacci retracement level).
So, major resistance is seen at 1.3077, while immediate support is found at 1.3046. This resistance (1.3077) has been rejected two times confirming the validity of a downtrend. Please notice that this scenario will be invalidated if the price reverses above the wave 2 highs at the level of 1.3077.
If the pair closes below the golden ratio of 1.3077, the GBP/USD pair may resume it movement to 1.2916 to test the double bottom. From this point, we expect the GBP/USD pair to move between the levels of 1.2916 and 1.3077 in coming minutes.
Equally important, the RSI is still calling for a strong bearish market, because the Relative Strength Index on the one-hour chart is flirting with the 30 level – nearing oversold conditions. As well as the current price is also below the moving average 100. Momentum remains to the downside and the GBP/USD pair is trading below the 100 and 50 Simple Moving Averages.
If the GBP/USD pair will be able to break out key price at the levels of 1.3015, time to buy right now around the spot of 1.3015 - 1.3046. Price has finally broken our ascending support line triggering a strong bearish drop as expected from the are of 1.3015 - 1.3077. We look to sell on strength below major resistance at 1.3077.
Beginning of a downward trend (Reason for the trading strategy : technically) :
If the GBP/USD pair is able to break out the first support at 1.2977, the market will decline further to 1.2919. In the H1 time frame, the pair will probably go down because the downtrend is still strong. Consequently, the market is likely to show signs of a bearish trend. Hence, it will be good to sell below the level of 1.3015 with the first target at 1.2916 and further to 1.2861, then 1.2808. Since there is nothing new in this market, it is not bullish yet as long as the price is still moving below the pivot (1.3015). Sell deals are recommended below the level of 1.3015 with the targets indicated above. Major support is already set at the point of 1.2916. The pair is likely to move downwards continuing the development of a bearish trend to the level of 1.2861 and 1.2808 in order to test the weekly support 3. 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 1.3119. But, we still expect the bearish trend for the upcoming sessions as long as the price is below the 1.3015 price.
Important levels :
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