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20.06.201909:13 Forex Analysis & Reviews: Technical analysis of GBP/USD for 20/06/2019:

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 Overview:

The GBP/USD pair has strongly reversed its recent move down after the Bullish Engulfing candlestick pattern was made at the level of 1.1205. The price has broken above the 61% Fibonacci retracement at the level of 1.2661 and made a new high at the level of 1.2708 (at the time of writing). The technical resistance zone located between the levels of 1.2652 - 1.2668 has been violated and the price is now back in the zone again. The momentum is strong and positive so there is a possibility of another leg up towards the technical resistance located between the levels of 1.2746 - 1.2761.

Weekly Pivot Points:

WR3 - 1.2846

WR2 - 1.2797

WR1 - 1.2673

Weekly Pivot - 1.2620

WS1 - 1.2493

WS2 - 1.2439

WS3 - 1.2301

Trading Recommendations:

The best strategy in the current market conditions is to trade in the direction of the main trend, which is still down. All the local bounces and corrections should be treated as another opportunity to open the sell orders for a better price. Please notice, the larger time frame trend is down and there are no signs of any trend reversal.

Exchange Rates 20.06.2019 analysis

Sebastian Seliga
Analytical expert of InstaForex
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