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25.06.201910:48 Forex Analysis & Reviews: Technical analysis of GBP/USD for June 25, 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 25.06.2019 analysis

Overview:

The GBP/USD pair will continue to rise from the level of 1.2676. The support is found at the level of 1.2676, which represents the 61.8% Fibonacci retracement level in the H1 time frame.

The price is likely to form a double bottom. Today, the major support is seen at 1.2676, while immediate resistance is seen at 1.2784. Accordingly, the GBP/USD pair is showing signs of strength following a breakout of a high at 1.2784. So, buy above the level of 1.2784 with the first target at 1.2878 in order to test the daily resistance 1 and move further to 1.2955.

Also, the level of 1.2955 is a good place to take profit because it will form the last bullish wave. Amid the previous events, the pair is still in an uptrend; for that we expect the GBP/USD pair to climb from 1.2700 to 1.2955 in coming hours. At the same time, in case a reversal takes place and the GBP/USD pair breaks through the support level of 1.2676, a further decline to 1.2610 can occur, which would indicate a bearish market.

Mourad El Keddani
Analytical expert of InstaForex
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