Weekly technical levels of GBP/USD pair.
Forecast:
According to the previous events, the price of GBP/USD pair has still been trapped between 1.6230 and 1.6060 The level of 1.6227 is representing strong resistance. The minor support has set at the level of 1.6190. Also, it should be noted that the price of 1.6190 is coinciding with the weekly support 1 in H1 chart. Hence, we expect a range about 70 pips. Therefore, the market is going to call for downtrend from the level of 1.6190. Thus, sell below the level of 1.6190 in the short term with the first target of 1.6056, it might resume to 1.6003 if the trend will be able to break the weekly support 1 (1.6056).
Observations:
Major support will set at 1.5830 this week. The level of 1.6417 is representing the weekly pivot point. The market has opened with a large gab about (1.6325 - 1.6168 = 157 pips). Major resistance has already set at the price of the weekly pivot point. It should be noted that the weekly range was very large for the last week