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21.09.202108:53 Forex Analysis & Reviews: Technical Analysis of GBP/USD for September 21, 2021

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 made a new local low at the level of 1.3640 and currently the bulls are trying to bounce towards 1.3705. The next target for bears is seen at the level of 1.3624 and 1.3608. Any violation of the latter would extend the sell-off towards the level of 1.3601, which is the last month's low. The nearest technical resistance is seen at 1.3705 and 1.3745. The weak and negative momentum supports the short-term bearish outlook for EUR despite the extremely oversold market conditions at the H4 time frame chart.

Weekly Pivot Points:

WR3 - 1.4015

WR2 - 1.3960

WR1 - 1.3826

Weekly Pivot - 1.3774

WS1 - 1.3640

WS2 - 1.3579

WS3 - 1.3456

Trading Outlook:

The weekly time frame chart still shows, that the up trend is still intact and the corrective wave had terminated at the level of 1.3571. Only a sustained violation of the level of 1.3518 would trigger a bigger down move than a regular pull-back. The up trend can be continued towards the next long-term target located at the level of 1.4246 (high from 24.02.2021).

Exchange Rates 21.09.2021 analysis

Sebastian Seliga
Analytical expert of InstaForex
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