For Traders

Analytical Reviews

Technical analysis

30.10.202017:26 Forex Analysis & Reviews: October 30, 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.

Short-term bearish outlook was expected especially after bearish persistence was achieved below the lower limit of the newly-established ascending-channel around 1.3100.

A quick bearish decline took place towards 1.2780 and 1.2700 where considerable bullish rejection brought the pair back towards 1.3000 and 1.3100 during the past few weeks.

The price zone of 1.3100-1.3150 (the depicted channel upper limit) constituted an Intraday Key-Zone to offering considerable bearish pressure on the GBPUSD Pair.

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

However, the GBPUSD pair failed to do so, Instead, another bearish movement is probably targeting the price level of 1.2840 where bullish SUPPORT will probably exist.

On the other hand, please note that any bullish breakout above 1.3000 will probably enable further bullish advancement towards 1.3150-1.3170 to gather sufficient bearish pressure

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.