R3: 1.5884
R2: 1.5793
R1: 1.5730
PP: 1.5639
S1: 1.5576
S2: 1.5485
S3: 1.5422
Sideways Trend: prices are moving within a narrow range between 1.5830 and 1.5480.
GBP/USD "Pound-Dollar":
• Resistance: 1.5733 (sell below this level).
• Support: 1.5550 (buy above this level).
According to the previous events, the price is still between the levels of 1.5830 and 1.5480.
The descending movement will probably be lower than 1.5733 level with the first targets at 1.5640 and 1.5575 levels. BUY deals are recommended above the 1.5655 level with targets at 1.5608 and 1.5730 levels.
It should be noticed that the market showed the signs of instability. The trend movement was controversial as it took place in a narrow sideways channel. Due to the previous events, the price is still between the levels of 1.5830 and 1.5480, so it is recommended to be careful while making deals in this area. Therefore, it is necessary to wait till the sideways channel is passed through. Then the market will probably show the signs of a bullish trend. In other words, buy deals are recommended above 1.5550 level with their first target at the level of 1.5608. From this point, the pair is likely to begin an ascending movement to the point of 1.5675 and further to the level of 1.5730. However, if the pair fails to pass through the level of 1.5733, the market will indicate a bearish opportunity below the strong resistance level of 1.5733. In this regard, sell deals are recommended lower than the 1.5733 level with the first target at 1.5640. It is possible that the pair will turn downwards continuing the development of the bearish trend to the level 1.5575.
If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com.