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Wave Analysis from InstaForex
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[QUOTE="InstaForex Gertrude, post: 21507, member: 2617"] Technical Analysis of GBP/USD for June 30, 2020: Technical Market Outlook: The GBP/USD pair has made another local low at the level of 1.2251 after all the bounces were too shallow to trigger a strong rally. The price is back inside the descending channel and despite the oversold market conditions, the momentum remains weak and negative as the RSI indicator hovers below its fifty level. The nearest technical resistance is seen at the level of 1.2361 and 1.2406. The larger time frame trend remains bullish. Weekly Pivot Points: WR3 - 1.2667 WR2 - 1.2600 WR1 - 1.2441 Weekly Pivot - 1.2377 WS1 - 1.2213 WS2 - 1.2143 WS3 - 1.1969 Trading Recommendations: On the GBP/USD pair the main trend is down, which can be confirmed by the down candles on the weekly time frame chart. 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 even lower in the longer-term. Analysis are provided by InstaForex [/QUOTE]
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