Technical Analysis of GBP/USD for June 9, 2020

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Technical Market Outlook:

The GBP/USD keeps getting away from the upper main channel line and just a few hours ago bulls have managed to push the price towards the short-term supply zone located between the levels of 1.2747 – 1.2786. So far the price was rejected from the zone, but the momentum is still strong and positive, so another wave up is very likely. Nevertheless, the market conditions on H4 time frame are now extremely overbought, so please keep an eye on the price developments around the level of 1.2747. The immediate support is seen at the level of 1.2645.

Weekly Pivot Points:

WR3 – 1.3258

WR2 – 1.2986

WR1 – 1.2861

Weekly Pivot – 1.2596

WS1 – 1.2454

WS2 – 1.2189

WS3 – 1.2084

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 – www.instaforex.com

Source:: Technical Analysis of GBP/USD for June 9, 2020:

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