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23.10.202007:53 Forex Analysis & Reviews: Technical Analysis of GBP/USD for October 23, 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 keeps going lower as the corrective cycle from the local high at 1.3180 continues. The price has broken below the 38% Fibonacci retracement seen at 1.3074 and is heading towards the level of 50% located at 1.3041. The market is coming off the overbought levels, so the price might get below 1.3000 zome again. The key technical support is still seen at the level of 1.2982 - 1.3017. Moreover, it is worth to keep an eye on the upper channel line again for any indication of broken support.

Weekly Pivot Points:

WR3 - 1.3222

WR2 - 1.3147

WR1 - 1.3005

Weekly Pivot - 1.2924

WS1 - 1.2790

WS2 - 1.2718

WS3 - 1.2567

Trading Recommendations:

On the GBP/USD pair the main, multi-year trend is down, which can be confirmed by the down candles on the monthly time frame chart. The key long-term technical resistance is still seen at the level of 1.3518. Only if one of these levels is clearly violated, the main trend might reverse (1.3518 is the reversal level) or accelerate towards the key long-term technical support is seen at the level of 1.1903 (1.2589 is the key technical support for this scenario).

Exchange Rates 23.10.2020 analysis

Sebastian Seliga
Analytical expert of InstaForex
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