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27.09.201907:42 Forex Analysis & Reviews: Technical analysis of GBPUSD for 27/09/2019

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.

The GBP/USD pair has hit the technical support located at the level of 1.2308, which is close to the 50% Fibonacci retracement of the last wave up located on 1.2268. The short-term outlook is still positive for bulls as this move down still looks corrective and there are no signs of any trend reversal yet. The larger timeframe trend remains down as well, so if the level of 1.2195 (61% Fibonacci retracement) is violated significantly, then the larger timeframe trend might resume sooner than expected.

Weekly Pivot Points:

WR3 - 1.2753

WR2 - 1.2662

WR1 - 1.2561

Weekly Pivot - 1.2479

WS1 - 1.2378

WS2 - 1.2291

WS3 - 1.2188

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 1.2505 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 27.09.2019 analysis

Sebastian Seliga
Analytical expert of InstaForex
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