empty
 
 
You are about to leave
www.instaforex.eu >
a website operated by
INSTANT TRADING EU LTD
Open Account

20.06.201916:45 Forex Analysis & Reviews: GBP/USD 06.20.2019 - Sellers got trapped in the background, buyers in total control

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.

GBPUSD was expected to push higher towards 1.2758-1.2863. FOMC meeting minutes yesterday did bring us new momentum on GBP, which is positive sign for further GBP advancing.

Exchange Rates 20.06.2019 analysis

Blue rectangle - Support

Yellow rectangle – Resistance 1

Pink rectangle – Resistance 2

Red lines – Downward channel

Black lines- Upward Pitchfork channel

EURUSD did fake breakout of the support at 1.2558 and that action did set the bullish tone that we are seeing now. Price has reached the Pitchfork median line (1.2681) form the most recent swings and confirmed the GBP has entered into cycle mode. RSI and MACD oscillators showed us the bullish divergence, which is another confirmation for further bullish movement. As long as the GBP is trading inside of the most recent upward Pitchfork channel, we will look for buying signals. Breaking above the level 1.2725 would increase chances of moving towards resistance levels at 1.2758-1.2860.

Petar Jacimovic
Analytical expert of InstaForex
© 2007-2024

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.




You are now leaving www.instaforex.eu, a website operated by INSTANT TRADING EU LTD
Can't speak right now?
Ask your question in the chat.

Turn "Do Not Track" off