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27.06.202208:52 Forex Analysis & Reviews: Technical Analysis of GBP/USD for June 27, 2022

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 been seen trading around the level of 1.2300, just where the main channel lower line is located. The bulls managed to hit the level of 1.2323 and then the Bearish Engulfing candlestick pattern occurred and plenty of Pin Bars as well, so the bulls are still under the pressure. The nearest technical support is seen at the level of 1.2165 - 1,2155. Nevertheless, the supply zone located between the levels of 1.2618 - 1.2697 is still the main obstacle for bulls that needs to be broken if the rally is expected to be continued, but for now bulls can not even get back to the main channel.

Exchange Rates 27.06.2022 analysis

Weekly Pivot Points:

WR3 - 1.2507

WR2 - 1.2415

WR1 - 1.2351

Weekly Pivot - 1.2242

WS1 - 1.2181

WS2 - 1.2088

WS3 - 1.2017

Trading Outlook:

The price broke below the level of 1.3000 quite long time ago, so the bears enforced and confirmed their control over the market in the long term. The Cable is way below 100 and 200 WMA , so the bearish domination is clear and there is no indication of trend termination or reversal. The bulls are now trying to start the corrective cycle after a big Pin Bar candlestick pattern was made last week. The next long term target for bears is seen at the level of 1.1989. Please remember: trend is your friend.

Sebastian Seliga
Analytical expert of InstaForex
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