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Wave Analysis from InstaForex
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[QUOTE="InstaForex Gertrude, post: 23991, member: 2617"] [B]Technical Analysis of GBP/USD for July 27, 2020:[/B] [IMG type="full"]https://forex-images.ifxdb.com/userfiles/20200727/analytics5f1e6a87711e7.jpg[/IMG] Technical Market Outlook: The GBP/USD pair has been moving up since the market opened after the weekend, so the new temporary swing high was made at the level of 1.2857. Moreover, the bulls had broken out from the ascending channel, which is rather another confirmation of the positive sentiment despite the overbought market conditions. The next target for bulls is seen at the level of 1.2869 and 1.2900. The nearest support is seen at the level of 1.2816 and 1.2786. Weekly Pivot Points: WR3 - 1.3215 WR2 - 1.2993 WR1 - 1.2929 Weekly Pivot - 1.2717 WS1 - 1.2632 WS2 - 1.2427 WS3 - 1.2355 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 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). [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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