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Technical Analysis of GBP/USD for Apr 23, 2020
Technical Market Outlook:
The GBP/USD pair has been slowly moving higher since the lows at 1.2246 and might be developing a Falling Wedge pattern. This pattern can be terminated around the level of 1.2385, so it is worth to keep an eye on this level during the intraday traidng. The larger time frame trend remains up, but in the short-term the bears are in control of the market and the next target for them is located at the level of 1.2165. Please notice, that the level of 1.2165 had been providing support for some time now, so any violation of this level will lead to a deeper sell-off towards 1.2000.
Weekly Pivot Points:
WR3 – 1.2855
WR2 – 1.2741
WR1 – 1.2613
Weekly Pivot – 1.2507
WS1 – 1.2367
WS2 – 1.2267
WS3 – 1.2125
Trading Recommendations:
The fear of the coronavirus consequences is very strong among the global investors and it rules on the financial markets. On the GBP/USD pair the main trend is down, but the reversal is possible when the coronavirus pandemic will be tamed. 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 this levels is clearly violated, the main trend might reverse (1.3518) or accelerate (1.1404).
The material has been provided by InstaForex Company – www.instaforex.com
