Technical Analysis of GBP/USD for May 29, 2020

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Technical Market Outlook:

The GBP/USD pair is challenging the local high of 1.2362 again. Despite the fact, that the market has made the Pin Bar candlestick that retraced the up trend almost in 100%, the bulls are pushing the prices and targeting the next level seen at 1.2381. The momentum is still strong and positive, so odd for a local up trend continuation after the range breakout are high. The last swing low and technical support is seen at the level of 1.2072, but there is still a long way to test this level of support.

Weekly Pivot Points:

WR3 – 1.2499

WR2 – 1.2389

WR1 – 1.2274

Weekly Pivot – 1.2176

WS1 – 1.2057

WS2 – 1.1949

WS3 – 1.1823

Trading Recommendations:

On the GBP/USD pair the main trend is down, but the reversal will be possible when the coronavirus pandemic is tamed. 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 May 29, 2020:

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