27.03.202008:28 Forex Analysis & Reviews: Technical Analysis of GBP/USD for 27/03/2020:

Technical Market Outlook:

The GBP/USD pair has broken through the monthly trend line resistance located around the level of 1.1988 and made a new high at the level of 1.2308. Please notice the market conditions on the H4 time frame chart are now becoming overbought despite the strong and positive momentum, so the down trend might resume any time soon. Larger time frame trend remains down.

Weekly Pivot Points:

WR3 - 1.3144

WR2 - 1.2765

WR1 - 1.2140

Weekly Pivot - 1.1761

WS1 - 1.1090

WS2 - 1.0741

WS3 - 1.0112

Trading Recommendations:

The downtrend will likely be continued towards the parity level. All upward moves will be treated as local corrections in the downtrend until the level of 1.1983 is clearly violated. The long-term target for bears is seen at the level of 1.000 and the long-term target for bulls is a new high above the level of 1.1983.

Exchange Rates 27.03.2020 analysis

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Sebastian Seliga,
Analytical expert
InstaForex Group © 2007-2020
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