Technical Analysis of GBP/USD for June 23, 2020


Technical Market Outlook:

After the GBP/USD pair has almost hit the 1:1 market geometry level located at 1.2328, the bounce from this level was solid and almost hit the upper descending channel boundary. The bulls had hit the second target located at the level of 1.2466 with a high made at the level of 1.2505. Currently, the price started to reverse a little, but there are still chances for the bounce to continue higher. Please notice, that to break out from the short-term descending channel zone, the bull would have to violated the level of 1.2580.

Weekly Pivot Points:

WR3 – 1.2859

WR2 – 1.2772

WR1 – 1.2508

Weekly Pivot – 1.2419

WS1 – 1.2165

WS2 – 1.2080

WS3 – 1.1826

Trading Recommendations:

On the GBP/USD pair the main trend is down, but the local up trend continues. 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 lower in the longer-term.

The material has been provided by InstaForex Company –

Source:: Technical Analysis of GBP/USD for June 23, 2020:

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