Overview :
- The GBP/USD pair was not stable and the trend was not also so clear as well (it was tight sideway range). Moreover, according to the previous events, the price is going to move between the level of 1.7100 and 1.7180. So, we should be careful in this area. Therefore, wait for a period of tight sideways range market before breakouts. Then, the market is likely to start showing the signs of the bullish market from the support level of 1.7115. In other words, it will be a good sign to buy above 1.7115 with the first target of 1.7179 for testing the double top. It will climb towards 1.7225. However, if the pair does not break 1.7230, the market will indicate a bearish opportunity below resistance. Also, it should be noted that the resistance will be set at the level of 1.6473. Probably, the market will call for the downtrend from the level of 1.7230 (the maximum price on July 11, 2014) in order to continue the bearish move towards 1.7116 (the weekly pivot point).
The material has been provided by InstaForex Company - www.instaforex.com
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