05.08.202007:51 Forex Analysis & Reviews: Technical Analysis of GBP/USD for August 5, 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 up trend on GBP/USD pair is developing despite some local pull-backs as the bulls has broken through the short-term trend line resistance located around the level of 1.3080. The local high was made at the level of 1.3098 so far, but the market is bouncing from the oversold conditions, so the bulls might try to attack the recent swing high located at the level of 1.3169 soon. Only a sustained breakout below the level of 1.2980 would change the short-term market sentiment and deepen the correction towards the level of 1.2869.

Weekly Pivot Points:

WR3 - 1.3655

WR2 - 1.3405

WR1 - 1.3252

Weekly Pivot - 1.2996

WS1 - 1.2877

WS2 - 1.2627

WS3 - 1.2492

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).

Back to the list

Open trading account

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.