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21.10.202018:24 Forex Analysis & Reviews: October 21, 2020 : GBP/USD Intraday technical analysis and trade recommendations.

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 21.10.2020 analysis

Intermediate-term technical outlook for the GBP/USD pair has remained bullish since bullish persistence was achieved above 1.2780 (Depicted Key-Level) on the H4 Charts.

On the other hand, the GBPUSD pair looked overbought after such a quick bullish movement while approaching the price level of 1.3475.

That's why, short-term bearish reversal was expected especially after bearish persistence was achieved below the newly-established key-level of 1.3300.

A quick bearish decline took place towards 1.2780 where considerable bullish rejection brought the pair back towards 1.3000 and 1.3100 during the past few weeks.

The current price zone of 1.3130-1.3150 (the depicted trend line) remains an Intraday Key-Zone to determine the next destination of the GBPUSD Pair.

Bullish Persistence above the mentioned price zone of 1.3100-1.3150 will probably allow bullish pullback to pursue towards 1.3400 as a final projection target for the suggested bullish pattern.

Otherwise, another bearish movement may be expressed towards the price level of 1.2840 where bullish SUPPORT exists.

Mohamed Samy
Analytical expert of InstaForex
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