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13.07.202008:24 Forex Analysis & Reviews: Technical Analysis of GBP/USD for July 13, 2020:

Technical Market Outlook:

The GBP/USD pair has bounced from the short-term trend line support located around the level of 1.2566.. The bulls has pushed the price towards the last high located at the level of 1.2668, but so far there is no violation of this level. The momentum remains strong and positive and bulls keep pushing higher. The next target then is seen at the level of 1.2688 and 1.2748. Only a sustained breakout above the level of 1.2786 will allow for the up trend continuation. On the other hand, breakout below the short-term trend line will be seen as a bearish signal.

Weekly Pivot Points:

WR3 - 1.2915

WR2 - 1.2796

WR1 - 1.2712

Weekly Pivot - 1.2585

WS1 - 1.2508

WS2 - 1.2378

WS3 - 1.2304

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 has been recently violated (1.1983) and the new one 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). The market might have done a Double Top pattern at the level of 1.2645, so the price might move even lower in the longer-term.

Exchange Rates 13.07.2020 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 of InstaForex
© 2007-2021
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