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16.07.202012:24 GBP/USD Towards New Lows!

Exchange Rates 16.07.2020 analysis

GBP/USD is trading at 1.2528 and it seems determined to pressure the support zone, downside obstacle, on the H4 chart. You can see that the currency pair was traded within an uptrend in the short term, but the price has failed to stay above the uptrend line, it has registered a breakdown signaling that we may have a reversal in the short term and the GBP/USD could drop deeper.

The pair has found temporary support, the decline was stopped, right above the 1.2500 psychological level, it has come back higher, but it has failed to retest the uptrend line signaling that the sellers are still strong in the short term.

The downtrend line retest and rejection have announced that GBP/USD could make another peak low soon, to drop below the former low and below the 1.2500. The selling pressure is high as long as GBP/USD is traded below the downtrend line.

  • GBP/USD Trading Tips

We could have a selling opportunity if GBP/USD makes another peak low and if it drops and stabilizes below the 1.2500 level. To be more specific, you can see if the pair reaches the 1.2475 level, the next downside target is seen at the 1.2400 psychological level.

If you want to buy GBP/USD, you should wait for a valid breakout (jump and retest) above the downtrend line.

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

Performed by Ralph Shedler,
Analytical expert
InstaForex Group © 2007-2020
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