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The GBP/USD pair was trading around the area of 1.2345 a week ago. Today, the level of 1.2396 represents a weekly pivot point in the H1 time frame.
The pair has already formed minor resistance at 1.2396 and the strong resistance is seen at the level of 1.2478 because it represents the weekly resistance 1.
So, major resistance is seen at 1.2478, while immediate support is found at 1.2314. If the pair closes below the weekly pivot point of 1.2396, the GBP/USD pair may resume it movement to 1.2478 to test the weekly support 1.
From this point, we expect the GBP/USD pair to move between the levels of 1.2314 and 1.2478.
Equally important, the RSI is still calling for a strong bearish market as well as the current price is also below the moving average 100. As a result, sell below the weekly pivot point of 1.2396 with targets at 1.2314 in order to form a double bottom.
Major support sets at the level of 1.2250. For that in overall, we still prefer the bullish scenario as long as the price is above the level of 1.2250.
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