Technical Analysis of GBP/USD for July 9, 2020

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Technical Market Outlook:

The GBP/USD bulls has broken through the 61% Fibonacci retracement located at the level of 1.2597 and continued the rally towards the level of 1.2640. The next target for bulls is seen at the level of 1.2686 and 1.2747. The immediate support is now located at the level of 1.2542. The momentum is still strong and positive, but the market conditions are slowly starting to become a little overbought, so there is a risk of a local pull-back. As long as the level of 1.2640 is not violated, the short-term trend is up.

Weekly Pivot Points:

WR3 – 1.2879

WR2 – 1.2698

WR1 – 1.2610

Weekly Pivot – 1.2423

WS1 – 1.2323

WS2 – 1.2148

WS3 – 1.2056

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 9, 2020:

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