This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.
Overview:
- Yesterday, the GBP/USD pair reached a new minimum at the price of 1.2817 and 1.2860. So, today the price may reach one more minimum around the spot of 1.2768, which coincides with the duble bottom in the H1 chart. Today, the GBP/USD pair is challenging the psychological resistance at 1.2896 (pivot point). So, the resistance is seen at the level of 1.2896. We expect the GBP/USD pair to continues moving in a downtrend below the level of 1.2896 towards the first target at 1.2768, while major support is found at 1.2723. On the downside, a clear break at the level of 1.2768 could trigger further bearish pressure testing 1.2723 and 1.2685, which represents the major resistance in coming days.
Forecast:
- As a result, it is gainful to sell below this price of 1.2896 with targets at 1.2768, 1.2723 and 1.2685. However, the bullish trend is still expected for the upcoming days as long as the price is above 1.2700.
Daily Technical level:
- Major resistance: 1.3018
- Minor resistance: 1.2975
- Intraday pivot point: 1.2896
- Minor support: 1.2768
- Major support: 1.2685
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.
Stay 
