Stay 
Trading Conditions
Products
Tools
Technical market overview:
The GBP/USD pair has made a new local high at the level of 1.2705 (the level of 200 MA on the daily timeframe chart) after the impressive bounce from the level of 1.2206 was made. This 500 pips move is backed by strong and positive momentum and despite the overbought market conditions, there is still a chance for another leg up towards the level of 1.2783. The immediate technical support is seen at the level of 1.2580 - 1.2561 zone, so as long as the price is trading above this zone, the chances for another leg up are high.
Weekly Pivot Points:
WR3 - 1.3395
WR2 - 1.3032
WR1 - 1.2877
Weekly Pivot - 1.2532
WS1 - 1.2380
WS2 - 1.2032
WS3 - 1.1859
Trading recommendations:
The best strategy for current market conditions is to trade with the larger timeframe trend, which is down. All upward moves will be treated as local corrections in the downtrend. In order to reverse the trend from down to up, the key level for bulls is seen at 1.2907 and it must be clearly violated. The key long-term technical support is seen at the level of 1.2231 - 1.2224 and the key long-term technical resistance is located at the level of 1.3509. As long as the price is trading below this level, the downtrend continues towards the level of 1.1957 and below.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.
We may place cookies for analysis of our visitor data, to improve our website and measure advertising performance. Overall this data is used to provide a better website experience. More information
Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of Instant Trading EU Ltd including online trading, online transfers, deposit/withdrawal of funds, etc.
If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.
Why does your IP address show your location as the USA?
Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.
We are sorry for any inconvenience caused by this message.
