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Technical analysis

02.07.202008:42 Forex Analysis & Reviews: Technical Analysis of GBP/USD for July 2, 2020:

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Technical Market Outlook:

After the GBP/USD pair has made a local low at the level of 1.2251 the price has temporary broken out the descending channel and tested the technical resistance seen at the level of 1.2362. After that move, the bulls pushed the price higher towards the overbalance level seen at the level of 1.2459. This overbalance level has been violated as well and currently the market is trading around the level of 1.2500. All of the technical resistance levels had been violated and the next targets for bulls are seen at 1.2542 and 1.2686. The strong and positive momentum supports the short-term bullish outlook.

Weekly Pivot Points:

WR3 - 1.2667

WR2 - 1.2600

WR1 - 1.2441

Weekly Pivot - 1.2377

WS1 - 1.2213

WS2 - 1.2143

WS3 - 1.1969

Trading Recommendations:

On the GBP/USD pair the main trend is down, which can be confirmed by the down candles on the weekly time frame chart. The key long-term technical support has been recently violated (1.1983) and the new one is seen at the level of 1.1404. The key long-term technical resistance is seen at the level of 1.3518. Only if one of these levels is clearly violated, the main trend might reverse (1.3518) or accelerate (1.1404). The market might have done a Double Top pattern at the level of 1.2645, so the price might move even lower in the longer-term.

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