Technical Analysis of GBP/USD for September 15, 2020

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Technical Analysis of GBP/USD for September 15, 2020

Technical Analysis of GBP/USD for September 15, 2020

Technical Market Outlook:

The GBP/USD pair has hit the level of 1.2768 twice, which is a part of the key short-term demand zone located between the levels of 1.2747 – 1.2889. Any clear violation of this zone will lead to sell-off continuation towards the level of 1.2604 – 1.2587 which is the key long-term support. Moreover, the market keeps trading below the trend line despite the oversold conditions, so the bears are in full control of the market. The immediate technical resistance is seen at the level of 1.2979 – 1.3017.

Weekly Pivot Points:

WR3 – 1.3535

WR2 – 1.3399

WR1 – 1.3036

Weekly Pivot – 1.2895

WS1 – 1.2525

WS2 – 1.2380

WS3 – 1.1994

Trading Recommendations:

On the GBP/USD pair the main, multi-year trend is down, which can be confirmed by the down candles on the monthly time frame chart. The key long-term technical resistance is still seen at the level of 1.3518. Only if one of these levels is clearly violated, the main trend might reverse (1.3518 is the reversal level) or accelerate towards the key long-term technical support is seen at the level of 1.1903 (1.2589 is the key technical support for this scenario).

Technical Analysis of GBP/USD for September 15, 2020

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

Source : https://www.mt5.com/forex_analysis/quickview/187813/