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27.09.201813:11 Forex Analysis & Reviews: Intraday technical levels and trading recommendations for GBP/USD for September 27, 2018

Long-term review
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 27.09.2018 analysis

On September 13, the GBP/USD pair was testing the depicted downtrend line which came to meet the pair around 1.3025-1.3090. Since then, the pair has been demonstrating a successful bullish breakout so far.

This price zone (1.3025-1.3090) also corresponds to 50% and 61.8% Fibonacci levels. Currently, this price zone turned to become a prominent demand zone to be watched for bullish price action.

However, On H4 chart, the market failed to maintain its uptrend within the depicted bullish channel on H4 chart. The lower limit of the depicted channel (which came to meet the GBP/USD pair around 1.3190) failed to offer sufficient bullish demand.

As long as the recent bullish breakout above 1.3090 (Demand level-1) is maintained on a daily basis, further bullish advancement should be expected towards 1.3300 and 1.3390 (reversal pattern final target).

On the other hand, the price level of 1.3190 now constitutes a short-term supply level (the backside of the broken bullish channel) where some bearish rejection was demonstrated as expected in previous articles.

Therefore, the GBP/USD short-term outlook remains trapped between 1.3190 (supply) and 1.3090 (demand). Breakout in either direction should be anticipated.

Moreover, any bearish decline below 1.3090 (Demand level-1) will probably invalidate the bullish scenario for the short-term. Hence, the pair would have lower targets around 1.3010 (Demand level-2).

Mohamed Samy
Analytical expert of InstaForex
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