Technical Analysis of GBP/USD for July 17, 2020

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Technical Market Outlook:

After the GBP/USD pair had made a Bearish Engulfing pattern at the top of rally towards the level of 1.2668, the market reversed back to the middle of the range and is currently testing the local technical support located at the level of 1.2547. The RSI indicator shows the momentum is neutral, so neither bulls not bears are in control of the market (on the short-term time frame like H4). Any violation of the level of 1.2466 will accelerate the sell-off towards the next technical support seen at the level of 1.2406.

Weekly Pivot Points:

WR3 – 1.2915

WR2 – 1.2796

WR1 – 1.2712

Weekly Pivot – 1.2585

WS1 – 1.2508

WS2 – 1.2378

WS3 – 1.2304

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.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Technical Analysis of GBP/USD for July 17, 2020:

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