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26.06.202010:52 Forex Analysis & Reviews: Technical analysis of GBP/USD for June 26, 2020

Exchange Rates 26.06.2020 analysis

Overview:

The GBP/USD pair continues to move downwards from the level of 1.2469. Yesterday, the pair dropped from the level of 1.2469 (this level of 1.2469 coincides with the pivot point) to the bottom around 1.2418.

Today, the first resistance level is seen at 1.2469 followed by 1.2552, while daily support 1 is found at 1.2335.

Also, the level of 1.2469 represents a daily pivot point for that it is acting as major resistance/support this week.

Amid the previous events, the pair is still in a downtrend, because the GBP/USD pair is trading in a bearish trend from the new resistance line of 1.2469 towards the first support level at 1.2353 in order to test it.

If the pair succeeds to pass through the level of 1.2353, the market will indicate a bearish opportunity below the level of 1.2353.

However, if a breakout happens at the resistance level of 1.2552, then this scenario may be invalidated.

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

Mourad El Keddani,
Analytical expert
InstaForex Group © 2007-2021
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