Weekly Pivot Point: 1.6234.

Weekly Pivot Points:

R3: 1.6449
R2: 1.6379
R1: 1.6304
PP: 1.6234
S1: 1.6159
S2: 1.6089
S3: 1.6014

GBP/USD "Pound-Dollar":
• Resistance: 1.6303 (sell below this level).
• Support: 1.6160 (buy above this level).

Trading Recommendations:

According to the previous events, the price is still between the levels of 1.62013 and 1.6275.

• The descending movement will probably be lower than 1.6303 level with the first target at 1.6237 and 1.6163 levels.
• Buy deals are recommended above the 1.6160 level with targets at 1.6257 and 1.6300 levels.

Overview:

It should be noticed that the market showed the signs of instability. The trend movement was controversial as it took place in the narrow sideways channel. Due to the previous events, the price is still between the levels of 1.6213 and 1.6303, so it is recommended to be careful while making deals in this area. Therefore, it is necessary to wait till the sideways channel is passed through. Then the market will probably show the signs of a bullish trend. In other words, buy deals are recommended above 1.6160 level with their first target at the level of 1.6210. From this point, the pair is likely to begin an ascending movement to the point of 1.6260 and further to the level of 1.6300. However, if the pair fails to pass through the level of 1.6303, the market will indicate a bearish opportunity below the strong resistance level of 1.6303. In this regard, sell deals are recommended lower than the 1.6303 level with the first target at 1.6267. It is possible that the pair will turn downwards continuing the development of the bearish trend to the level 1.6212 then 1.6159 (the weekly support 1).

If you have any questions or requests, please feel free to contact me: [email protected].