GBP/USD

The cable has been consolidating at the lower levels. It seems the cable is forming a base at 1.5590. The trading range is framed between 1.5590 and 1.5737. Today, the pair opened on a bearish note unable to breach the previous day's high at the Asian session. As of now, on the weekly chart the cable formed a double bottom at 1.5590. In case if the cable holds the 1.5590 the double bottom, can turn to the triple bottom on the weekly chart. In case if this happens, we can expect some technical bounce towards 1.5810 and 1.5880. We recommend fresh buying above 1.5740 with the targets at 1.5770, 1.5800, 1.5850, and 1.5880. We recommend selling below 1.5670 with the targets at 1.5640 and 1.5630. In case if the cable falls below 1.5630, the last bulls hope exists at 1.5590. Below this, panic will be triggered with 100 or 150 pips down side. On the hourly chart, we can observe continuation of the symmetrical triangle. The height of the triangle is 147 pips.

Trade:

Selling below 1.5670.