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28.09.202018:18 Forex Analysis & Reviews: September 28, 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.

Exchange Rates 28.09.2020 analysis

Intermediate-term technical outlook for the GBP/USD pair has remained bullish since bullish persistence was achieved above 1.2780 (Depicted Key-Level) on the H4 Charts.

On the other hand, the GBPUSD pair looked overbought after such a quick bullish movement while approaching the price level of 1.3475.

That's why, short-term bearish reversal was expected especially after bearish persistence was achieved below the key-level level of 1.3300.

A quick bearish decline took place towards 1.2900 then 1.2825 where some bullish recovery was recently expressed.

The price zone of 1.3130-1.3150 (the backside of the broken trend) remains an Intraday Key-Zone to offer bearish pressure if retested again.

However, the GBPUSD pair has shown lack of sufficient bullish momentum to pursue above the price level of 1.3000.

This enabled further bearish decline towards 1.2800 then 1.1700 where another episode of bullish recovery may be executed.

Initial bullish breakout above 1.2800 is currently needed to allow bullish pullback to pursue towards 1.3100. Otherwise, further bearish decline would be expected towards the price level of 1.2600.

Trade recommendations :

Conservative traders are advised to wait for bullish pullback towards 1.3130-1.3150 (the backside of the broken trend) as a valid SELL Entry.

Initial T/p level is to be located around 1.3050 and 1.2900 if sufficient bearish pressure is maintained.

Mohamed Samy
Analytical expert of InstaForex
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