24.07.202014:20 Forex Analysis & Reviews: July 24, 2020 : GBP/USD Intraday technical analysis and trade recommendations.

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.

In April 2020, the GBPUSD pair has been moving sideways within the depicted consolidation range extending between the price levels of 1.2265 and 1.2600.

On May 15, transient bearish breakout below 1.2265 (Consolidation Range Lower Limit) was demonstrated in the period between May 13 - May 26, denoting some sort of weakness from the current bullish trend.

However, immediate bullish rebound has been expressed around the price level of 1.2080 bringing the GBPUSD back above the depicted price zone of 1.2520-1.2600 which failed to offer sufficient bearish rejection.

Further bullish advancement was expressed towards 1.2780 (Previous Key-Level) where signs of bearish rejection were expressed.

Short-term bearish pullback was expressed, initial bearish targets were located around 1.2600 and 1.2520 which paused the bullish outlook for sometime & enabled further bearish decline towards 1.2265.

Significant bullish rejection was originated around 1.2265 bringing the GBP/USD pair back towards 1.2780, where the backside of the broken uptrend line comes to meet the GBPUSD pair.

This indicates a high probability of bearish reversal provided that early bearish breakout is achieved below 1.2600.

Trade recommendations :

Intraday traders can consider the current bullish pullback towards the depicted Supply Level (1.2780) for a valid SELL Entry.

Stop Loss should be tight, it can be placed above 1.2850 while initial T/P level to be located around 1.2600, 1.2520 & 1.2400.

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.