The market is likely to turn to bearish sentiment from the level of 1.4934 again. Moreover, the daily resistance to the GBP/USD pair is set at the level of 1.4940 in a short term. Therefore, it will be a good sign to sell below 0.14940 with the first target at 1.4850. It will call for downtrend in order to continue its bearish movement towards 1.4790 to form a new double bottom in the H1 chart. Nevertheless, the stop loss should never exceed your maximum exposure amounts; accordingly, the stop loss should be placed above the last bullish wave at the level of 1.5015
According to the previous events, the GBP/USD pair is going to move between 1.4851 and 1.4934 today.
It should be noted that the level of 1.4850 represents the double bottom.
The resistance will be set at the level of 1.5015 this week.
The support has already been placed at the price of 1.4847.
We expect a new range about 95 pips today.
The key level will be set at the level of 1.4900.