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27.09.202109:45 Forex Analysis & Reviews: Technical Analysis of GBP/USD for September 27, 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

After the bulls have managed to retrace almost 50% of the last wave down as the price has hit the technical resistance at 1.3749 the bounce was capped and reversed. The next target for bulls is still seen at 1.3760 and 1.3796, but for now the market is consolidating around the level of 1.3692 in neutral conditions. The intraday support is seen at the level of 1.3658, so any violation of this level would deepen the down move towards the Double Bottom line seen at 1.3602.

Weekly Pivot Points:

WR3 - 1.3864

WR2 - 1.3810

WR1 - 1.3734

Weekly Pivot - 1.3672

WS1 - 1.3592

WS2 - 1.3527

WS3 - 1.3453

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 27.09.2021 analysis

Sebastian Seliga
Analytical expert of InstaForex
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