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10.09.201907:53 Forex Analysis & Reviews: Technical analysis of GBP/USD for 10/09/2019

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 Market Overview:

The new high was made on the GBP/USD pair at the level of 1.2381 after the successful test of the technical support located at the level of 1.2231 was made. The next target for bulls is seen at the level of 1.2430 (weekly techncial resistance from January 2018). On the other hand, the next targets for bears, if they will continue the pull-back is seen at the level of 1.2224 or even at the level of 1.2175. The larget timeframe trend remains down and this move up is being considered as a corrective rally in a down trend.

Weekly Pivot Points:

WR3 - 1.2838

WR2 - 1.2600

WR1 - 1.2467

Weekly Pivot - 1.2210

WS1 - 1.2063

WS2 - 1.1816

WS3 - 1.1679

Trading Recommendations:

The best strategy for current market conditions is to trade with the larger timeframe trend, which is down. All upward moves will be treated as local corrections in the downtrend. In order to reverse the trend from down to up, the key level for bulls is seen at 1.2429 and it must be clearly violated. As long as the price is trading below this level, the downtrend continues towards the level of 1.2000 and below.

Exchange Rates 10.09.2019 analysis

Sebastian Seliga
Analytical expert of InstaForex
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