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27.10.202010:48 Forex Analysis & Reviews: Technical analysis of GBP/USD for October 27, 2020

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Overview :

Yesterday, the GBP/USD pair dropped sharply from the level of 1.3107 towards 1.3018.

Now, the price is set at 1.3018. On the H1chart, the resistance of GBP/USD pair is seen at the level of 1.3056 and 1.3107.

It should be noted that volatility is very high for that the GBP/USD pair is still moving between 1.3056 and 1.2935 in coming hours.

Moreover, the price spot of 1.3056/1.3107 remains a significant resistance zone.

Therefore, there is a possibility that the GBP/USD pair will move downside and the structure of a fall does not look corrective. In order to indicate the bearish opportunity below 1.3056/1.3107, sell below 1.3056 or 1.3107 with the first target at 1.2935 in order to test yesterday's bottom.

Additionally, if the GBP/USD pair is able to break out the bottom at 1.2935, the market will decline further to 1.2861 so as to test the weekly support 3. Also, it should be noticed that support 1 is seen at the level of 1.3018 which coincides the daily pivot point.

However, the price spot of 1.3056 and 1.3107 remains a significant resistance zone. Thus, the trend is still bearish as long as the level of 1.3107 is not breached.

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