Weekly Pivot Point: 1.5448.

GBP/USD:

• Resistance: 1.5715. (Sell below this level).
  
• Support: 1.5440. (Buy above this level).
  

Trading Recommendations:

According to the previous events, the price is still between the levels 1.5440 and 1.58.

• The descending movement will probably take place lower than the 1.572 level with the first targets at levels 1.5625 and 1.545.
• BUY deals are recommended higher than the 1.5440 level with targets at levels 1.563 and 1.571.

Overview:

It should be noted that the market revealed the signs of instability. The trend movement was controversial as it took place in a narrow sideways channel. In the light of the previous events, the price is still between the levels 1.5440 and 1.58, so it is recommended to be cautious while making deals in this area. Therefore, it is necessary to wait till the sideways channel is passed through. Then, the market will probably indicate the signs of a bullish trend. In other words, BUY deals are recommended higher than the 1.5440 level with its first target at the level of 1.5550. From this point, the pair is likely to begin an ascending movement to the point 1.563 and further to the level 1.5715. However, if the pair fails to pass through the level of 1.6030, the market will indicate a bearish opportunity below the strong resistance level 1.5715. In this regard, SELL deals are recommended lower than the 1.5720 level with the first target at 1.5630. It is possible that the pair will turn downwards continuing the development of the bearish trend to the level 1.5450.

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