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20.06.201915:24 Forex Analysis & Reviews: Technical analysis of GBP/USD for June 20, 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.

Exchange Rates 20.06.2019 analysis

Overview:

The GBP/USD pair continues to move downwards from the level of 1.2905. This week, the pair rose from the level of 1.2905 to a top around 1.2800 and it set around the spot of 1.2800. The first resistance level is seen at 1.2905 followed by 1.2963 , while daily support 1 is seen at 1.2798 (38.2% Fibonacci retracement). According to the previous events, the GBP/USD pair is still moving between the levels of 1.2700 and 1.2610; so we expect a range of 90 pips in coming hours. Furthermore, if the trend is able to break out through the first support level at 1.2662, we should see the pair climbing towards the double bottom (1.2436) to test it later. Therefore, sell below the level of 1.2800 with the first target at 1.2610 in order to test the daily resistance 1 and further to 1.2436. Also, it might be noted that the level of 1.2436 is a good place to take profit because it will form a double bottom. On the other hand, in case a reversal takes place and the GBP/USD pair breaks through the resistance level of 1.2905, then the stop loss should be placet at 1.2930.

Mourad El Keddani
Analytical expert of InstaForex
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