17.09.201814:24 Forex Analysis & Reviews: Intraday technical levels and trading recommendations for GBP/USD for September 17, 2018

Long-term review

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.

The recent bearish momentum of the GBP/USD has shown signs of weakness since September 5 when an ascending bottom was established around 1.2800

The GBP/USD pair is currently testing the depicted downtrend line which comes to meet the pair around 1.3025-1.3090.

This price zone (1.3025-1.3090) corresponds to 50% and 61.8% Fibonacci levels where evident bearish rejection was supposed to exist there. However, a bullish breakout above 1.3090 is currently being executed.

As long as successful bullish breakout above 1.3090 is maintained, a further bullish advance will occur towards 1.3200, 1.3250 and 1.3315.

On the other hand, any decline below 1.3090 (61.8% Fibo level) will probably invalidate the bullish breakout scenario.

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.