Weekly Pivot Point: 1.6184.

Weekly Pivot Points:

R3: 1.6413
R2: 1.6343
R1: 1.6254
PP: 1.6184
S1: 1.6095
S2: 1.6025
S3: 1.5936

GBP/USD "Pound-Dollar":
• Resistance: 1.6250 (sell below this level).
• Support: 1.6100 (buy above this level).

Trading Recommendations:

According to the previous events, the price is still between the levels of 1.6180 and 1.6095.

• The descending movement will probably be lower than 1.6250 level with the first target at 1.6200 and 1.6143 levels.
• Buy deals are recommended above the 1.6100 level with targets at 1.6157 and 1.6250 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 1.6180 and 1.6095, 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 1.6100 level with their first target at the level of 1.6157. From this point, the pair is likely to begin an ascending movement to the point of 1.6210 and further to the level of 1.6250. However, if the pair fails to pass through the level of 1.6250, the market will indicate a bearish opportunity below the strong resistance level of 1.6250. In this regard, sell deals are recommended lower than the 1.6250 level with the first target at 1.6200. It is possible that the pair will turn downwards continuing the development of the bearish trend to the level 1.6164 then 1.6095 (the weekly support 1).

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