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Wave Analysis from InstaForex
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[QUOTE="InstaForex Gertrude, post: 16197, member: 2617"] [B]Technical Analysis of GBP/USD for May 15, 2020:[/B] [IMG type="full"]https://forex-images.ifxdb.com/userfiles/20200515/analytics5ebe2c44ba36c.jpg[/IMG] Technical Market Outlook: The GBP/USD pair has broken below another technical support located at the level of 1.2246 and made a new local low at the level of 1.2165. Despite the oversold market conditions the momentum remains negative well and the odds for another wave down might be higher. The nearest technical resistance is seen at the level of 1.2246 and 1.2297 and the nearest technical support is located at the level of 1.2165. If the level of 1.2165 is clearly violated, then the next target for bears is seen at the level of 1.2012. Weekly Pivot Points: WR3 - 1.2730 WR2 - 1.2608 WR1 - 1.2508 Weekly Pivot - 1.2380 WS1 - 1.2283 WS2 - 1.2157 WS3 - 1.2054 Trading Recommendations: The fear of the coronavirus consequences has decreased among the global investors on the financial markets. 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. [I][URL="https://www.instaforex.com/forex_analysis"]Analysis are provided by[B][COLOR=Red]Insta[/COLOR]Forex[/B].[/URL][/I] [/QUOTE]
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