21.12.201920:43 Forex Analysis & Reviews: GBPUSD remains under pressure

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.

GBPUSD topped two weeks ago just above 1.35 when we mentioned that a 5 wave move higher was about to complete. Price has since then pulled back below 1.30.

Red lines - bullish medium-term channel

GBPUSD despite the sharp pull back from 1.35 remains inside the bullish medium-term channel. Channel support is at 1.2750-1.2770 area. This week I expect price to start lower and then bounce towards 1.31 before moving again lower towards the lower channel support. Although I believe the entire upward move from 1.1958 has been completed, the corrective phase we are currently in has still lots of room to unfold and is not over yet.

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.