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24.07.202008:46 Forex Analysis & Reviews: Technical Analysis of GBP/USD for July 24, 2020:

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.

Technical Market Outlook:

The GBP/USD pair has tested the technical support located between the levels of 1.2668 - 1.2686 and bounced back up. Nevertheless, the price has been trading inside of a narrow range between the levels of 1.2668 - 1.2768 for some time now. This price behavior shows the bulls are in control of the market, so traders should expect the price might move higher towards the next targets located at the levels of 1.2768 - 1.2786. The ultimate target is still seen at the level of 1.2811 and if this level is violated, then the Pound will be at the 7 week high.

Weekly Pivot Points:

WR3 - 1.2834

WR2 - 1.2735

WR1 - 1.2648

Weekly Pivot - 1.2555

WS1 - 1.2463

WS2 - 1.2373

WS3 - 1.2271

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.

Exchange Rates 24.07.2020 analysis

Sebastian Seliga
Analytical expert of InstaForex
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