Weekly Pivot Point: 1.6109.

GBP/USD:

• Resistance: 1.6115. (Sell below this level).
  
• Support: 1.5820. (Buy above this level).
  

Trading Recommendations:

According to previous events, the price is still located between the levels 1.5955 and 1.6290.

• The descending movement will probably take place lower than the 1.6115 level with the first targets at levels 1.6050 and 1.5935 then 1.5850.
• BUY-deals are recommended higher than the 1.5820 level with targets at levels 1.59 and 1.6060 then 1.61.

Overview:

It should be mentioned that the market revealed the signs of instability. The trend movement was controversial as it took place in a narrow sideways channel. Concerning previous events, the price is still between the levels 1.5955 and 1.629, 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 1.5820 level with its first target at the level of 1.5915. From this point the pair is likely to begin the ascending movement to the point 1.6025 and further to the level 1.6112. However, if the pair fails to pass through the level of 1.6115, the market will indicate a bearish opportunity below the strong resistance level 1.6115. In this regard, SELL-deals are recommended lower than the 1.6115 level with the first target at 1.6050. It is possible that the pair will turn downwards continuing the development of the bearish trend to the level 1.5935 then 1.5850.

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