Overview:
The resistance level of the GBP/USD pair has set at the level of 1.5344. This level is acting as strong resistance and it coincides with the ratio of 38.2% of Fibonacci retracement levels in the daily chart. Therefore, the first key level will set at the level of 1.5344 (the weekly pivot point). Furthermore, the trend was very clear and was indicating a downtrend. Thus, we expect that the trend is going to call for a bearish market at the level of 1.5344 because sellers are asking for a high price. As a result, sell at the price of 1.5344 with the target of 1.5178 in order to test the double bottom and continue towards the 1.5131 level. Also, it should be noted that the level of 1.5178 represents the weekly support 2.
Notes:
We expect a range about 68 pips today. The value of 38.2% Fibonacci retracement levels is 1.5344. The weekly pivot point will be set at the price of 1.5344. The level of 1.5282 and 1.5344 will confirm the bearish market. Volatility was 195.58; as a rule, the market is highly volatile if the last day had a huge volatility.