22.07.202009:39 Forex Analysis & Reviews: Technical Analysis of GBP/USD for July 22, 2020:

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Technical Market Outlook:

The GBP/USD pair has tested the short-term supply zone located between the levels of 1.2747 - 1.2786, but the Shooting Star candlestick pattern had been made at the H4 time frame chart. Currently, the bears are trying to push the prices lower towards the level of 1.2686 - 1.2668. The volatility has decreased and the momentum is just slightly above the level of fifty., pointing downward. Only a sustained breakout above of below certain level can provide a clue regarding the next market move.

Weekly Pivot Points:

WR3 - 1.2834

WR2 - 1.2735

WR1 - 1.2648

Weekly Pivot - 1.2555

WS1 - 1.2463

WS2 - 1.2373

WS3 - 1.2271

Trading Recommendations:

On the GBP/USD pair the main trend is down, which can be confirmed by the down candles on the weekly time frame chart. The key long-term technical support has been recently violated (1.1983) and the new one is seen at the level of 1.1404. The key long-term technical resistance is seen at the level of 1.3518. Only if one of these levels is clearly violated, the main trend might reverse (1.3518) or accelerate (1.1404). The market might have done a Double Top pattern at the level of 1.2645, so the price might move even lower in the longer-term.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.