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The GBP/USD pair broke resistance which turned to strong support at the level of 1.3806.
The level of 1.3806 is expected to act as major support today. From this point, we expect the GBP/USD pair to continue moving in a bullish trend from the support levels of 1.3806 and 1.3907.
Currently, the price is moving in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in the bullish trending market.
Consequently, the first support is set at the level of 1.3806 (horizontal green line). So, the market is likely to show signs of a bullish trend around the spot of 1.3806/1.3787.
In other words, buy orders are recommended above the spot of 1.3806 or 1.3787 with the first target at the level of 1.3907; and continue towards 1.3940 (the weekly resistance 2).
This would suggest a bearish market because the moving average (100) is still in a positive area and does not show any trend-reversal signs at the moment.
On the other hand, if the GBP/USD pair fails to break through the resistance level of 1.3969 this week, the market will decline further to 1.3806.
The pair is expected to drop lower towards at least 1.3806 with a view to test the weekly pivot point. Also, it should be noted that the weekly pivot point will act as minor support today.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
