Technical analysis of GBP/USD for June 25, 2019

Posted On 25 Jun 2019

Overview:

The GBP/USD pair will continue to rise from the level of 1.2676. The support is found at the level of 1.2676, which represents the 61.8% Fibonacci retracement level in the H1 time frame.

The price is likely to form a double bottom. Today, the major support is seen at 1.2676, while immediate resistance is seen at 1.2784. Accordingly, the GBP/USD pair is showing signs of strength following a breakout of a high at 1.2784. So, buy above the level of 1.2784 with the first target at 1.2878 in order to test the daily resistance 1 and move further to 1.2955.

Also, the level of 1.2955 is a good place to take profit because it will form the last bullish wave. Amid the previous events, the pair is still in an uptrend; for that we expect the GBP/USD pair to climb from 1.2700 to 1.2955 in coming hours. At the same time, in case a reversal takes place and the GBP/USD pair breaks through the support level of 1.2676, a further decline to 1.2610 can occur, which would indicate a bearish market.

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

Source:: Technical analysis of GBP/USD for June 25, 2019

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