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27.03.202008:28 Forex Analysis & Reviews: Technical Analysis of GBP/USD for 27/03/2020:

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 Outlook:

The GBP/USD pair has broken through the monthly trend line resistance located around the level of 1.1988 and made a new high at the level of 1.2308. Please notice the market conditions on the H4 time frame chart are now becoming overbought despite the strong and positive momentum, so the down trend might resume any time soon. Larger time frame trend remains down.

Weekly Pivot Points:

WR3 - 1.3144

WR2 - 1.2765

WR1 - 1.2140

Weekly Pivot - 1.1761

WS1 - 1.1090

WS2 - 1.0741

WS3 - 1.0112

Trading Recommendations:

The downtrend will likely be continued towards the parity level. All upward moves will be treated as local corrections in the downtrend until the level of 1.1983 is clearly violated. The long-term target for bears is seen at the level of 1.000 and the long-term target for bulls is a new high above the level of 1.1983.

Exchange Rates 27.03.2020 analysis

Sebastian Seliga
Analytical expert of InstaForex
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