For Traders

Analytical Reviews

Technical analysis

12.06.201712:59 Forex Analysis & Reviews: Technical analysis of GBP/USD for June 12, 2017

Long-term review

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.

Overview:

The GBP/USD pair continues to move downwards from the area of 1.2765. Last week, the pair dropped from the level of 1.2765 to 1.3634. Today, resistance is seen at the levels of 1.2765 and 1.2806. So, we expect the price to set below the strong resistance at the levels of 1.2765; because the price is in a bearish channel now. The level of 1.2765 which coincides with a ratio of 38.2% Fibonacci on the H1 chart. Amid the previous events, the price is still moving between the levels of 1.2765 and 1.2600. In overall, we still prefer the bearish scenario as long as the price is below the level of 1.2765. Furthermore, if the GBP/USD pair is able to break out the bottom at 1.3634, the market will decline further to 1.2600. Moreover, the price will fall into a bearish trend in order to go further towards the strong support at 1.2550 to form a new double bottom. On the other hand, if the price closes above the strong resistance of 1.2765, the best location for a stop loss order is seen above 1.2780.

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.