Overview:
The market of GBP/USD pair showed the signs of instability. The trend movement was controversial as it took place in the narrow sideways channel. The resistance has set at 1.6890 and it is coinciding with the weekly pivot point this week. Due to the previous events, the price will move between the levels of 1.6890 and 1.6790, Thus, we expect a range of 100 pips in next time. So, it is recommended to be careful while making deals in this spot for that it is necessary to wait till the sideways channel is passed through. Therefore, if the pair fails to pass through the level of 1.6890, the market will indicate a bearish opportunity below the strong resistance level of 1.6890. In this regard, sell deals are recommended lower than the 1.6890 level (the weekly pivot point) with the first target at 1.6830. It is possible that the pair will turn downwards continuing the development of the bearish trend to the level 1.6786 (the weekly support 1t). It should be noted that the weekly resistance 2 is at the level of 1.6726. However, If you have sold below the weekly pivot point then you should be placed your stop loss at 1.6930.