For Traders

Analytical Reviews

Technical analysis

01.07.202010:55 Forex Analysis & Reviews: Technical analysis of GBP/USD for July 01, 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.

Overview:

Pivot: 1.2396.

The GBP/USD pair didn't make any significant movements last two days. There are no changes in our technical outlook. The GBP/USD pair was trading around the area of 1.2345 - 1.2396. Today, the level of 1.2396 represents a weekly pivot point in the H1 time frame. The pair has already formed minor resistance at 1.2396 and the strong resistance is seen at the level of 1.2478 because it represents the weekly resistance 1. So, major resistance is seen at 1.2478, while immediate support is found at 1.2314. If the pair closes below the weekly pivot point of 1.2396, the GBP/USD pair may resume it movement to 1.2478 to test the weekly support 1. From this point, we expect the GBP/USD pair to move between the levels of 1.2314 and 1.2478. Equally important, the RSI is still calling for a strong bearish market as well as the current price is also below the moving average 100. As a result, sell below the weekly pivot point of 1.2396 with targets at 1.2314 in order to form a double bottom. Major support sets at the level of 1.2250. For that in overall, we still prefer the bullish scenario as long as the price is above the level of 1.2250.

Back to the list

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.