Overview (GBP/USD):
Resistance: 1.5280. (sell below this level). Support: 1.5100. (buy above this level).
According to previous events, the price has still been trapped between 1.5100 and 1.5145. Therefore, the first step is waiting for a period of tight sideways market before breakouts. Then, the market will probably start showing bullish signs. In other words, it will be a good sign to buy above 1.5100. The level of 1.5100 will represent the weekly support three with the first target of 1.5175, and it will climb towards 1.5270. However, If the pair could not break 1.5280, the market will indicate a bearish opportunity below 1.5280 for a short period, then the level will act really as strong resistance, and it will be a good sign to sell below 1.5280 with the first target of 1.5200 and it will call for downtrend towards 1.5100 (1.5125: 50% Fibonacci retracement levels).
Definition:
Range is a long-term mean reversion strategy that looks to go against strong divergence from the pair’s average value. It will typically hold trades for an extended period of time and is one of the slower moving trading strategies.