Overview:

• According to the previous events, the GBP/USD is going to move between the levels of 1.5724 and 1.5503 in coming days. Sell below the level of 1.5644, which represents the weekly pivot point in the H1 chart with the first target at 1.5553. Then, the trend will be able to continue toward the level of 1.5475 in order to test the major support. Also, it should be noted that the weekly support 1 coincides with 1.5475. The stop loss should be set above the last double top at 1.5767. In case of the upside character, the strength of the currencies will be defined as follows: EUR is in the uptrend and USD is in the downtrend.

Notes:

• We expect a range about 325 pips this week.
• The value of 50% Fibonacci retracement levels is 1.5603.
• The weekly pivot point will be set at the price of 1.5644.
• The level of 1.5724 and 1.5760 will confirm the bullish market.

The weekly technical analysis of GBP/USD pair:

Review:

• If the trend is of an upside character, then the strength of the currency will be defined as follows: EUR is an uptrend and USD is a downtrend.
• R3 and S3 are considered to be clear indicators of the maximum range of extreme volatility, though it is possible to pass them through. Pivot lines work well on the sideways markets as prices are most likely to be located between the R1 and S1 lines. Within a strong trend, the price is expected to be lower than the pivot point line and continue moving. If the breaking news released may affect the market, the price is likely to go straight through R1 or S1 and even reach R2 and R3 or S2 and S3.